The CEO of listed Manchester firm K3 Business Technology Group is set to retire – and it seems he won’t be replaced.
K3, which has offices around the world, provides ‘made-to-measure’ software solutions for the fashion and retail industry. It recently sold its NexSys Solutions subsidiary to global ERP software provider SYSPRO for £36m in cash.
Eric Dodd joined the company as CFO in April 2023 and later that year replaced Marco Vergani as CEO.
K3 said in a notice to the London Stock Exchange that Dodd will retire from the board and the company on 30th September 2025.
“Eric will retire with the board’s very grateful thanks and appreciation for his work. Eric has played a key role in reshaping the group’s cost base, implementing the board’s simplification strategy, and supporting its focus on shareholder value,” read a statement.
In a separate announcement, the board announced its intention to return up to approximately £29m to shareholders and to consult shareholders in relation to a possible de-listing of the company from the AIM.
“The board does not intend to appoint a successor to Eric, and the remaining business unit heads will report directly to the board. In the event that such a de-listing does not proceed for whatever reason, then further consideration will be given to this decision,” it added.
K3 serves more than 3,000 customers across 20 countries but saw revenue from continuing operations drop to £23.2m in the 12 months to 30th November 2024, compared with £31.3m in the prior year. Adjusted operating losses narrowed to £1.1m from £1.4m.
It has a products division and third-party solutions division.