LONDON (Thomson Financial) - LogicaCMG PLC has announced that chief executive Martin Read has brought forward his retirement, and that it is searching for a successor.
Read has led the IT services company for 14 years.
In an emailed statement, Logica said Read decided to accelerate his retirement plans because of 'unsettling speculation' following last week's trading statement.
On Tuesday, the group warned on its full-year profits, blaming its UK business and cost overruns on a long-term contract. The news prompted some analysts to lower their annual profit forecasts by as much as 10 pct.
Logica said Read will stay with the company until a successor is found, and that it is considering both internal and external candidates.
Additionally, the company's board said it is considering 'the appropriateness' of the size and structure of the board, and a further announcement will be made in due course. amy.brown@thomson.com ab/jsa COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.