To Sirs with love in RM leadership change

Long-time boss Terry Sweeney leaves embattled system builder

After completing a painful operational review of the business, RM chief executive Terry Sweeney is exiting the firm "by mutual agreement".

Stepping into the role of group managing director is Rob Sirs, who it had been previously announced was departing the company. Also in line for a promotion is Martyn Ratcliffe, who becomes RM's executive chairman, following five months in a non-exec board post.

According to a statement issued to the markets today, "Sweeney has decided that now is the right time to pursue his career outside RM". He spent 13 years with the Oxfordshire-based system builder.

"The board would like to thank Mr Sweeney for his 13 years of service to RM and his considerable contribution to the company during that period," added the statement.

New boss Sirs has been with RM since 1990 and, in his new role, will have control of all group operations. He will rejoin the company's board and report to Ratcliffe.

RM is currently undertaking a cost-cutting and restructuring exercise, with non-core businesses set to be sold off and up to 13 per cent of the remaining workforce excised.