Lake to leave GBST immediately
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GBST has announced that outgoing MD Stephen Lake will depart with immediate effect. Lake had planned to say until some time next year, but we're guessing that some significant shareholders weren't happy with at least the look of his recent share trading. Robert De Dominicis, head of the Wealth Management division (and founder of InfoComp, which was acquired in 2007 to become the core of that division), will take over as interim chief executive while the search for permanent replacement continues. We're pleased with both moves as it might help draw a line under a messy period for the company, and it might help focus the company on the wealth management business.
The company also had its annual meeting yesterday, and released the address by chairman John Puttick, which gives some further detail on the challenges the company is facing, growing fast in a business involving large and complex projects. It's well worth a read.
Note: Our Growth and Equity Income portfolios own shares in GBST.
Disclosure: The author owns shares in GBST.
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