Shares in Bytes Technology Group plc have dropped again after its MD departed.
The listed firm said Jack Watson, who left ‘by mutual consent’ yesterday, won’t be replaced.
“I wish to share that Jack Watson has moved on from our business, and I want to thank him on behalf of the board and the wider leadership team for his contribution to the BSS (Bytes Software Services) journey and all his hard work over nearly two decades,” said CEO Sam Mudd.
“We are grateful for Jack’s dedication and leadership and on behalf of the board and everyone in our group we wish him all the best for the future.”
Watson wrote on LinkedIn: “While I am moving on from the company, the personal and professional bonds we’ve forged remain incredibly important to me.
“I want to express my sincere thanks to everyone whose partnership and support has helped me, our team, and wider community at Bytes grow.”
Bytes told CRN: “There are no plans to replace the role as the team has depth of experience and will reorient reporting lines to reflect this.”
It has been a turbulent two years for Bytes, which in 2024 began investigating the shock resignation of its former CEO Neil Murphy after he was accused of unauthorised trading in the company’s shares.
The investigation ultimately found 119 unauthorised transactions on 66 trading days between January 2021 and November 2023 which sent the London-listed stock plummeting.
The firm rebounded under new CEO Mudd, but has fallen again in the last six months.
Bytes, a software, security, AI and cloud services specialist based in Surrey, is down 2.5% today to 308p at the time of writing (3.15pm) but was as low as 303p earlier in the day.
It is 12% down in the year to date.