Intrinsic: We have no CEO. Otherwise everything is tickety-boo
Biz that couldn't find buyer devises 3-year strategy plan - services and security
Cisco Gold partner Intrinsic Technology has confirmed it is CEO-less - which Reg readers already knew - but that all is OK, everything is working out as planned. Honestly.
As revealed by us this week, the Merseyside-based reseller has burned through four leaders in five years with the latest departure – Mark Bates – having lasted two years in the high office.
The exec “has left to pursue other interests,” the company said, in what seemed like an all-too-familiar euphemism.
Sources claimed Bates was made the fall guy for a failed sales process in which Rickitt Mitchell was paid to find a buyer for RJD-backed Intrinsic, five years after it funded a £43m MBO.
We were told the £20m price tag proved to be the stumbling block, but Intrinsic did not comment on this.
Bates - whom we asked for comment earlier this week - didn’t leave without a public thanks from the company for, “his achievements around customer service and satisfaction, boosting customer retention, building on existing relationships and beginning new ones”.
The business confirmed non-exec chairman Gordon Matthew had become exec chairman, and said he will “provide continuity and confidence as we execute our three year strategy plan for exponential growth”.
Matthew said Intrinsic was “on the cusp of launching several new services, including a security proposition and a revamped managed services offering.
“This next phase will be led by our established senior management team supported by their highly-skilled and motivated teams; we look forward to broadening our already impressive customer base as a result.”
Sales in the most recently published results for the year ended 30 November 2014 were down 17 per cent on the prior fiscal at £28.1m and operating profit fell to £1.3m from £3.1m.
The next set of numbers for fiscal ’15 are due to be filed in August. ®