Bernard Farrell is to step down as chief executive of Dublin-listed support services provider Veris to pursue other investment opportunities.
The decision follows a review of head office costs at the company in the context of the “group focusing solely on its facilities management and property management business which has a stand alone management team”.
Mr Farrell will remain as a non-executive director until the completion of the strategic review.
In a statement today Mr Farrell said that “after a period of over two years as the group CEO during which the business has grown successfully and we have managed to improve our balance sheet and cash flow management significantly, I believe now is an appropriate time for me to step down from day to day involvement with the Group and pursue a number of private investment opportunities.”
Group finance chief John O'Donoghue will also step down from this role at the end of October and has resigned as company secretary immediately. Veris said Mr O'Donoghue was leaving to pursue an opportunity in the venture capital sector.
In March the company said it was looking at changes to its facilities and property management division after a number of approaches from potential buyers. Martin McMahon is to remain as chief executive of this division.
Niall McFadden the non-executive chairman has been appointed group executive chairman.
Veris has a market capitalisation of €5.4 million and its shares were unchanged at 21 cent this morning.
Last month the company reported a 29 per cent increase in revenues for 2008 to €84.3 million, driven by organic growth within the company’s facility and property-management division, and the impact of UK facilities management group Orange in late 2007.
The company made a pretax loss of €6 million last year.
It sold its moving and storage division to Capstar for €74,000 in March.