Clarity lacks, er, clarity over CEO

Software vendor Clarity Commerce Solutions has been getting itself in a spin over the future of its CEO Graham York.

The firm has made two U-turns in the space of 48 hours, according to today's Financial Times.

York had agreed to step down last week after angry shareholders demanded that senior management make changes at the top.

But it seems York has been reluctant to leave Clarity, a firm which provides enterprise resource planning software to retail outlets including TK Maxx, Yo! Sushi, and Greene King.

On Tuesday, York struck a deal with a group of rebel shareholders who had initially wanted to oust the beleaguered CEO, convincing them that he should in fact stay in the role of deputy chair.

The FT reports that interim chairman Tim Bittleston had a quiet word in York's ear last night and finally persuaded him to quit.

No official announcement has been made by the firm which has seen a 20 per cent drop in its share value in the past year.

In April it issued a warning of "slippage of a number of contracts" leaving its results flagging way below market expectations.

Clarity shares are currently trading at 68 pence, up 4.62 per cent on the previous close. ®