Technology group SmartForce's shares bounced back yesterday, rising by almost 10 per cent to end at $46.87 having opened at $42.88 on the Nasdaq. The recovery followed a sharp fall in the shares on Thursday after it was announced that founding chairman Mr Bill McCabe would stand down in a board restructuring.

Mr McCabe sold around $40 million (€44.22 million) worth of SmartForce shares before its price collapsed in 1997 when the company was known as CBT. He returned to the company in 1998 buying stock and spearheading its move into e-learning. He is expected to stand down in the next six months.