AIM-listed software provider K3 has appointed Adalsteinn Valdimarsson as its new CEO as David Bolton moves up to the chairman role.
Valdimarsson was appointed as a non-executive director at K3 in July, having spent 20 years working in the software industry. He will start his new role on 1 October.
Bolton has been CEO of Sage and Microsoft partner K3 since he moved from the CFO role in January 2014 and replaces Lars-Olof Norell who has been interim chairman since November 2014. Norell will return to his previous role as a non-executive director.
Bolton said: "On behalf of the board, I am delighted to welcome Adalsteinn as the Company's new CEO.
"Adalsteinn's experience in the software sector, especially in driving IP strategies, is significant, and he takes up his new role at a particularly exciting time for the Group, with prospects looking very encouraging - as we reported at the time of our full year results in mid-September.
"On behalf of my colleagues, I would also like to thank Lars-Olof Norell for his stewardship of K3 as interim chairman."
The boardroom reshuffle was announced when K3 published its annual report last week.
For the 12 months ending 30 June 2016 K3 saw profit rise seven per cent to £89.18m, while adjusted profit rose 22 per cent to £8.8m over the same period.
At the time, Norell praised K3's growing channel presence as key to the results.
He said: "We have continued to expand our channel partner network.
"This route to market for our products represents a significant opportunity and a strong pipeline is building with channel partners in addition to our own direct business."
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