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Infobank shakeup follows unrealistic forecasts

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The Infobank rollercoaster ride has taken yet another twist with a profits warning and management shakeup. New finance director David Pollock slamming earlier revenue forecasts as "unrealistic". Profit margins will see no significant improvement, which means that the software reselling business will be only marginally profitable. Executive chairman and co-founder David Fraser has also stepped down to a non-executive role while managing director Joe Pillai is leaving the board. Graham Sadd, co-founder of the ecommerce vendor come software reseller, is assuming the role of interim chief executive. Pollock has agreed to join the board while non-executive director Martin Frost has agreed to assume the role of non-executive chairman of the group. While all directors, executive and non-executive are still looking for their right chairs, Infobank's immediate future rests on the success of its e-commerce division. The company has announced a deal with BT which will give it system more credibility and funds. BT will use the firm's InTrade 3 procurement automation e-commerce product to enable its customers to trade electronically with their own customers over a managed network. According to Sadd this has given Infobank a much-needed shot in the arm. "It's a significant endorsement and signals a step change in the rate of development of our e-commerce business," he said.® For more stories click here

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