Newman ends Infoserve role to focus on other interests

He will be replaced by chief executive Steve Barnes, who will take over as executive chairman on May 1.

Mr Newman helped to guide the Leeds-based group through its flotation in June 2006 and recently set up new funding arrangements with the group's major shareholder, David Hood.

Mr Newman will focus on his role as Master Cutler as well as extending his current non-executive portfolio.

The group said that now it has a much more stable financial structure, Mr Newman felt that this was the right moment to step down. It added that the board had "reluctantly accepted his request".

Mr Barnes will join the remuneration committee and become chairman of the nominations committee. He will continue to work closely with the executive directors on everyday business issues.

Andrew Thirkill, non-executive director, will become chairman of the audit committee.

The company will start the recruitment process for an additional non-executive director in the near future.

Commenting on the changes, Mr Barnes said: "James has made a great contribution to the group and his guidance and leadership in all matters has been important in these first few years as a publicly traded company.

"He has demonstrated his knowledge of financial and corporate governance issues and led the board well. We wish James every future success and thank him for the contribution he has made to the group."

Earlier this year Infoserve entered into an agreement with majority shareholder David Hood, allowing him to increase his ownership to 83 per cent of the company. Mr Hood's stake rose from 47 per cent in return for converting a 2m loan into shares and providing another 800,000 facility.