Longdon to step aside as AVEVA’s reinvention continues
AVEVA issued another one of those trading updates that don’t usually say much: business was as expected and FY17 (ending in March) is expected to be “broadly similar to F16” — a slight step back from earlier forecasts of . The only real financial comment in the update was that net cash stood at £133.0 million on 30 June 2016, up from £108.0 million on 31 March. There’s also a Brexit comment, saying that the weak Pound versus the US Dollar could lead to a currency benefit in the reported results. Not too exciting.
But then it gets interesting. After 17 years as Chief Executive,
… Richard Longdon will step down from his role as Chief Executive and as a Director of the Company with effect from 31 December 2016. Richard will then take on the role of President for a period of 12 months during which time he will be a representative and ambassador for the Company providing valuable insight about the market and our customers. This role will be particularly important as AVEVA approaches its 50th anniversary.
The Board is pleased to announce that James Kidd, Chief Financial Officer, has been appointed deputy Chief Executive with immediate effect and he will assume the role of Chief Executive with effect from 1 January 2017. James has been Chief Financial Officer and a member of the Board since January 2011 and in recent years has been taking an increasing role in the commercial and operational development of AVEVA.
In addition, the Board is pleased to announce that David Ward is being appointed as Chief Financial Officer and as a Director of the Company …
Mr. Longdon was at the helm as AVEVA grew from a newly-public company with revenue of £18 million to a global firm reporting over £200 million in revenue for the year just ended. Acquisitions, massive product line expansion and geo expansion — a record to be proud of. Mr. Longdon’s change in role isn’t the first major shift at AVEVA; there’s been quite a bit of rocking and rolling over the last 18 months as AVEVA has worked to expand into new markets and find new footholds in the struggling oil and gas vertical. Mr. Kidd has been there for much of it, and will bring a continuity — as will Mr. Longdon’s assumption of the role of President.
I’m traveling, so more on this later. But thought you’d want to know ASAP.