NCC Group top dog steps down after latest profit warning
Chief beanie made CEO, asked to lead review into crappy finances
Yet another senior exec has fallen on his sword at cybersecurity and managed services outfit NCC Group, just weeks after the latest profit warning. This time around it was CEO Rob Cotton.
The Manchester-based business, which also sells software escrow and verification, issued a profit warning on 19 January due to the cancellation of three hefty contracts and the postponement of a fourth.
Chairman Paul Mitchell revealed at the time that he had quit and would step away from the controls at the end of the current financial year, which concludes on 31 May.
There will be no such gradual winding down for Cotton, who spent 17 years on board, has quit as CEO and exec director of the board “with immediate effect” and will not lead the probe into the firm’s crappy financials .
Instead, CFO Brian Tenner will “take over as interim chief executive and will lead the strategic review, which was announced last week”.
Earnings before income tax, depreciation and amortisation is expected to be 20 per cent lower than the £45.5m to $47.5m range forecast. A slowdown in the assurance division was blamed for the shortfall. ®