K3 on the hunt for new CEO

Adalsteinn Valdimarsson departs after five years with the cloud services provider

K3 chief exec Adalsteinn Valdimarsson has stepped down from his role with immediate effect.

The AIM-listed cloud solutions provider revealed in a note on the London Stock Exchange that Valdimarsson is departing as the company moves into a "new phase" of development after selling off Starcom Technologies to Node4.

Chairman Tom Crawford will assume CEO duties until Valdimarsson's long-term replacement is found, a process that is already underway.

Valdimarsson joined the company five years ago as a non-executive director before being appointed as chief executive. He oversaw the "fundamental" restructuring of the firm and focused its growth strategy on IP development.

"K3 has significant growth potential and with the business on a firm financial footing, I am confident that it will thrive under new leadership," stated Valdimarsson.

"I would like to thank all my colleagues for their commitment to the group, and wish them every success for the future as they take the business forward."

Interim CEO Crawford added: "Adalsteinn has made a significant contribution to K3 over the last five years, and shown tremendous dedication. he is respected by the board and staff alike, and we would all like to thank him for his hard work and commitment.

"K3 is entering a new phase of development and we expect to be in a position to announce the results of our recruitment process in March with [our] results."