The share price at Aptitude Software Group plc has fallen after CEO Jeremy Suddards stepped down.
The London-based company’s share price closed on Wednesday at 357p. In the two hours following the 7am announcement that Suddards will leave the subscription management software firm, it has fallen to 278p.
Suddards, a former long-term executive at Hewlett Packard Enterprise, joined the board in September 2019 and became CEO in January 2020. He was tasked with transitioning the group’s focus from compliance.
Effective immediately, Alex Curran, currently regional CEO for the group’s North American business, will join the board and assume the role of acting CEO whilst the company conducts a formal search process for Suddards’s successor.
Curran joined Aptitude Software in 2008 and she has held several senior roles within the group including leading the North American business since July 2019. The region now accounts for over half of the group’s recurring revenue.
“The strategic partnership with Microsoft to integrate Fynapse and Dynamics 365 presents a significant global opportunity for the group,” said chair Ivan Martin.
“With Alex’s strategic sales focus and experience within the North American market, including with key clients and partners, she is well placed to drive the execution of the growing global pipeline.
“On behalf of the board, I would like to thank Jeremy for his work in transitioning the group and wish him well for the future.”
Aptitude also revealed its trading results for the six-month period ended 30th June 2023.
It reported modest revenue and profit progression and said it expected to meet profit expectations for FY2023.
Annual recurring revenue grew at an annualised rate of 3% on a constant currency basis to £49.8m.
Its closing cash balance at 30th June 2023 was £24.5m (31 December 2022: £29.2m, 30 June 2022: £23.6m) with net funds of £12.2m (31 December 2022: £15.9m, 30 June 2022: £10.7m).