WANdisco set to appoint interim CEO as it focuses on workstreams to lift share suspension

The statement added: “Stephen has an exceptional leadership record, from start-ups to the largest organisations in both private and public sectors in the USA and Europe. Following early career experience gained in the European management team at Oracle, Stephen joined start-up Chordiant in 1997 and served as CEO of this NASDAQ listed business between 2001 and 2005. He served as CEO of MicroFocus plc between 2006 and 2010, followed by a period as Chief Operating Officer of the UK Government. Returning to the private sector in 2014, Stephen then served as chief executive of Sage plc until 2018.”

The statement added: “Contiguous with the appointment of Stephen as interim CEO, Ken Lever will resume his position as interim non-executive chairman. Stephen for WANdisco, with an initial focus on customers, channel partners and alliances, the sales organisation, go-to-market strategy and building the sales pipeline. Ken will continue to chair the company's board of directors, as well as continuing to chair the board's investigations committee, and will remain heavily involved with workstreams focused on lifting the share suspension.

Mr Kelly commented: “I am a firm believer in the potential of WANdisco's technology to become a market leader and, whilst there is much work to be done, I have relished my previous UK listed turnaround roles and am proud of the successful transformations, profitable growth and value creation they have delivered. I believe Ken has started the rescue, recovery and rebuild process well and, as a team, we have the opportunity to build a high-quality, global UK growth business delivering for all stakeholders."

Mr Lever added: "The board is delighted to have secured someone of Stephen's calibre and track record to lead WANdisco forward. All of us remain squarely focused on advancing the workstreams that are designed to lift the current suspension in WANdisco's shares and position the company for long term success. I look forward to benefiting from Stephen's energy and perspectives as we do so."

In early March, WANdisco revealed that, following investigations undertaken by the then CFO and CEO, “significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee, have been discovered”.

In late April, an independent investigation undertaken by FRP Advisory on behalf of WANdisco concluded that “the evidence..supports the initial view that the irregularities are as a result of the actions of one senior sales employee only”.

Commenting on the troubles facing WANdisco, Mr Kelly said on Twitter in March: “The ‘best case’ conclusion is this dramatic demise has resulted from poor governance and a woeful control environment.”

The statement issued last month added: “The company and board continue to proactively engage with relevant customers, partners, and related entities with the aim of concluding this matter in a complete, thorough, and timely manner.”