Aveva CEO Richard Longdon steps down after breakdown in Schneider tie-up talks
Richard Longdon will step down as CEO but will assume the role of president for 12 months
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London: Aveva Group Plc chief executive officer (CEO) Richard Longdon will step down at the end of the year, weeks after a purchase by Schneider Electric SA fell through for the second time and will be succeeded by the current chief financial officer, James Kidd.
The British software company also expects a “currency benefit” in 2017 if the pound remains weak following a plunge caused by the UK’s vote to leave the European Union, Aveva said in a statement on Friday.
The new CEO will need to define the company’s strategy after the latest talks with Schneider, a French maker of electrical equipment, broke down in June. Longdon cited the financial difficulties of disentangling the business, following an earlier attempt that fell apart in December 2015.
“Richard has overseen the most successful phase in the company’s history and has been the driving force behind what Aveva is today,” chairman Philip Aiken said.
Longdon will step down as CEO but will assume the role of president for 12 months. David Ward, Aveva’s head of finance since 2011, is being promoted to CFO.
Aveva’s shares were down 1.2% at 1,683 pence at 8:15 am. Bloomberg