iomart has announced that CEO Lucy Dimes will be stepping down and leaving the struggling company.
The Glasgow-headquartered cloud computing firm is looking to pivot its offer following the £57m acquisition of Atech in October 2024 and in February warned of a potential 10% impact on expected profits due to customer churn, leading to a further drop in its share price.
Dimes joined the AIM-listed company’s board as independent non-executive chair in August 2022 and became CEO in September 2023.
She then stepped away from the chair role in June 2024 to focus on her duties as CEO.
A serial entrepreneur, Dimes started her career at BT, where she rose through the ranks in her 16-year spell there.
Executive roles followed this, with spells as UK&I CEO of Nokia and Fujitsu either side of a near-two-year tenure as COO of Equiniti.
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She founded consultancy ParaDimes at the start of 2022 and still sits on the board of Babcock International Group.
iomart has seen its share price tumble in the last few years. It currently sits at 28.8p, down from 46p in February and massively below the 143p it stood at 12 months ago. It peaked around 430p in 2018.
A statement posted to the London Stock Exchange read: “The board would like to thank Lucy for all her work in helping to reposition iomart’s business to more fully address the opportunities in the public and private cloud and security markets.
“Richard Last, chair, will become executive chair with immediate effect while the board makes arrangements to appoint a new CEO.
“Richard will be supported by Scott Cunningham, CFO, Angus MacSween, non-executive director and founder of iomart who has a deep understanding of the private cloud market, Ryan Langley CEO of Atech, the group’s public cloud and security business and the members of the executive leadership team.”