Co-founder and CEO of Wandisco steps down

The chief executive – David Richards – and a founding partner of listed computing and software company WANdisco has stepped down.

The search for a replacement for Richards, who co-founded the company in 2005, is now underway. In the interim period, Paul Walker, non-executive chairman, has assumed the role of executive chairman.

Mr Walker said: “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 said: “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.”

The news of Mr Richards’ departure follows yesterday’s announcement that the Sheffield and San Francisco-headquartered company has appointed Erik Miller as chief financial officer and a director of the board.

Earlier this month the company said it was planning on breaking even after major progress this year. The firm has been working on cloud solutions for data issues, it said in its half year results.

For the six months to 30 June 2016, the company returned revenues of $5.6m, steady on last year’s $5.7m.

WANdisco said that these results do not yet reflect the improvement in sales it has seen in recent months, and expects turnover to be much higher in the second half of the year when it expects to break even.

Losses after tax narrowed from $17.8m in the same period in 2015 to $5.4m – including a $4.4m currency gain.