Former Alterian chairman Keith Hammill has resigned from its board, hopefully drawing a line under what has been nightmarish phase for the Bristol-based marketing software group.
Mr Hammill, pictured, delayed his retirement earlier this year to help pilot the company through a crisis that culminated in April with a loss of £4.29m and the resignation of chief executive David Eldridge.
Problems arose when a major partner decided not to sign an agreement for a large licence renewal and extension, which had been included in the company’s revenue and cash flow plans.
As a result Mr Eldridge left and Mr Hammill found himself at the centre of urgent action to stabilise the business, reorganise and simplify the management structure, strengthen management controls and control costs. He agreed to delay his planned departure until matters were settled.
In July the company said it had taken action to produce annual savings of approximately £6m. It also made two key appointments. Phil Cartmell, who has a record of company turnaround success, was made chairman while Heath Davies, who has substantial experience in the management and development of technology businesses, joined as chief executive.
Meanwhile Alterian said that although the economic outlook remained challenging, its analytics technology was highly competitive, particularly with the advent of its new Alterian Alchemy product which “should provide the basis of good growth in the second half".
A London Stock Exchange statement yesterday confirmed Mr Hammill’s resignation as a non-executive director with effect from Tuesday, bringing to a close his extended stay at the firm.
The statement added: “The board would like to thank Keith for his contribution since joining the company as a director and wishes him every success for the future."
Just how traumatic the past year has been is reflected in the share price which last October hit a high of 215p. This morning it stood at 76p.
