Glasgow-based cloud computing firm Iomart Group plc said its finance director Richard Logan is to retire after 12 years of service and he will be replaced by Scott Cunningham on September 3, 2018.
“Richard will step down from the board on this date and has agreed to be available until the end of December 2018 in order to ensure an orderly handover,” said iomart.
“Scott has over 25 years’ experience in the accounting and finance profession and was group finance director of AIM listed InterBulk Group plc for nine years before the group was successfully sold to Den Hartogh in March 2016.
“Before this Scott performed a number of roles within the Clyde Blowers portfolio including group financial controller for the Clyde Bergemann Power Group from 2003 to 2006 and more recently was an investment director at Clyde Blowers Capital.
“Scott is a member of the Institute of Chartered Accountants of Scotland having qualified with Arthur Andersen in 1995.”
Last month, iomart said its revenue grew 9% to £97.7 million in the year ended March 31, with adjusted profit before tax up 7% to £24 million.
The firm completed three acquisitions during the year — Dediserve for €7.9 million, Simple Servers for £4.9 million and Sonassi for £11.8 million.
iomart chairman Ian Ritchie said: “I’d like to thank Richard for the outstanding contribution he has made to the success of iomart group during his 12 year tenure.
“He leaves the group on a sound financial footing, with high levels of revenue visibility and a strong balance sheet. I wish him every future success.”
iomart CEO Angus MacSween said: “I concur with the chairman’s comments and after a busy 12 years I wish Richard a long and healthy retirement.
“In Scott we have found another high calibre finance director and look forward to him joining the business in September.”
Cunningham said: “I am delighted to be joining iomart, which has built a successful position in the growing cloud computing market and has developed a reputation for consistent delivery.
“iomart has a significant and sustainable market opportunity ahead of it, as the move to the cloud continues, and I look forward to working with Angus and the team to deliver upon that opportunity.”