A search for his replacement has started, and in the interim period, Paul Walker, the non-executive chairman, has assumed the role of executive chairman with immediate effect.
In a statement, WANdisco said: “The board can confirm that WANdisco continues to trade in line with the expectations referenced at the time of the company’s interim results in August.
“There is a good pipeline of bookings and cash costs continue to decline, which combined with the new equity funding secured in June, have enabled WANdisco to remain on a path toward cash flow break-even.”
Paul Walker, the executive chairman of WANdisco commented: “Having co-founded WANdisco in 2005, David has been instrumental to the company’s progress to date.
“We have a strong product, perfectly adapted to meet today’s ‘Big Data’ challenges and we are able to take that product to customers globally, using the international software business David has helped to build as a platform. On behalf of the board I would like to thank David for his contribution over the years and wish him well for the future.”
Mr Richards commented: “WANdisco has been my focus since 2005. The business is now at an appropriate juncture, place and scale for a new person to take on the CEO role and drive the company to its next level of achievement. I wish all of the WANdisco team well as they push forward with the exciting opportunity ahead.”