David Richards, co-founder and chief executive, to step down from WANdisco board

David Richards, the co-founder and chief executive officer and Erik Miller, the chief financial officer, have decided to step down from the board of WANdisco, the data activation platform.
By Greg Wright
Published 3rd Apr 2023, 10:10 GMT
Updated 3rd Apr 2023, 10:10 GMT

In a statement, WANdisco stressed that the changes are not connected to the findings to date of an independent investigation, which is being undertaken by FRP Advisory. Last month, WANdisco asked for its shares to be suspended after uncovering “irregularities” in its reported sales and revenues.

The statement added: “Since the company's announcement of March 9 2023, the company has continued to operate and trade in the ordinary course. Assisted by Alvarez and Marsal, work has started to progress a number of work streams with the objective to lift the suspension of the company's shares and position the company for long-term growth and success as soon as practicable. It is in the best interests of all stakeholders if this objective is pursued under new leadership.

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“Ken Lever will assume the role of executive chairman pending the conclusion of a formal process to appoint a new chief executive, which will commence shortly. The company is pleased to announce the appointment of Ijoma Maluza as interim chief financial officer, effective from April 11 2023. Ijoma was previously the chief financial officer of Blue Prism plc, a leader in intelligent automation software.”

David Richards, Co-founder and Chief Executive Officer and Erik Miller, Chief Financial Officer, have decided to step down from the WANdisco Board and leadership team, effective today, the City has been toldDavid Richards, Co-founder and Chief Executive Officer and Erik Miller, Chief Financial Officer, have decided to step down from the WANdisco Board and leadership team, effective today, the City has been told
David Richards, Co-founder and Chief Executive Officer and Erik Miller, Chief Financial Officer, have decided to step down from the WANdisco Board and leadership team, effective today, the City has been told

The statement added: “The board changes are not connected to the findings to date of the independent investigation, which is being undertaken by FRP Advisory. The independent investigation is progressing well and has to date primarily focused on the received purchase orders and related revenue and sales bookings as represented by one senior sales employee.

“The independent investigation has confirmed that purchase orders giving rise to recognised revenue of $14,936,215 for FY22 (full year 2022) are false and that sales bookings of $115,461,616 recorded in FY22 are also false. Accordingly, revenue for the financial year to December 31 2022 referenced in the trading update dated January 11 2023 should have been $9.7m(unaudited) as compared with not less than $24m (unaudited) and bookings should have been $11.4m (unaudited) compared with $127m (unaudited).”

“The results of the independent investigation to date continue to support the initial view that the irregularities are as a result of the actions of one senior sales employee. FRP Advisory is continuing to pursue the investigation to reach a conclusion. There will be further updates on the investigation and the company's plans going forward as appropriate.

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Kenneth Lever, Executive Chairman, said: "Over the years David and Erik have contributed significant time and effort to establishing and developing WANdisco. They remain meaningful shareholders in the business and continue to believe in the long-term, successful future for this company and its unique technology."

Mr Richards said: "I am sad to be leaving WANdisco after 18 extremely enjoyable years. I remain a passionate supporter and significant shareholder of the company." The firm, which has 180 staff across its UK and US operations, was set up in 2005 and floated in 2012

Related topics:David RichardsWANdisco