It will be generational change at the top of Datalex with the news that Jonathan Rockett has been tabbed to take over from Sean Corkery as chief executive at the end of the year.
Mr Rockett’s appointment marks a step change at the travel software firm. The new man won’t turn 40 until December, while Corkery is retiring after turning 65 in April. It’s also something of a gamble by the board and chairman David Hargaden: this is Rockett’s first time as a chief executive. He joins after a decade with Ding, where he has been chief financial officer. No matter how good an executive seems, nobody can know for sure until the buck stops with them.
There will be other changes for Rockett. Moving from a private company like Ding to a public one is nearly always an adjustment. While a private company’s investors are demanding and need to be satisfied, they often operate on a longer time horizon than many investors in the public markets, and out of the public spotlight. As Datalex itself has experienced, losing a big contract or missing earnings expectations can have a sudden impact on its share price in a way that rarely happens in the private markets.
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One issue that will need to have been dealt with by the time Rockett takes over is refinancing a loan from Dermot Desmond’s Tireragh vehicle. Datalex had drawn down about €9 million of that loan by April, but the interest rate is set at 15.5 per cent. The rate will increase to 18 per cent in October if the loan has not been paid back in full. Current boss Sean Corkery has retained Goodbody Stockbrokers to explore refinancing options, but the company has yet to announce any deal at this point. Neither has it named a new chief financial officer to replace Dan Creedon, who left the business this summer after less than two years on the job.
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Datalex usually publishes its half-year results in September, although no date has been announced as yet. Investors will likely be watching for an update on both issues around that time. Rockett, too, will no doubt be hoping they are resolved.
