Kainos boss to step down after 22 years

(Sharecast News) - Kainos slumped on Monday after the software firm said that chief executive officer Brendan Mooney will step down after 22 years in the top job and 34 years at the company. Mooney has agreed to complete his term as CEO by the end of September. Russell Sloan, currently the digital services director of Kainos, will then assume the CEO role and join the board of directors.

Kainos said Mooney will remain actively engaged with the business until June 2024, to ensure an orderly transition.

Mooney said: "My decision to step down as CEO of Kainos was not an easy one, but made easier knowing the talent and motivation of the team leading the business today. I have complete confidence in Russell to lead us successfully into the future and I look forward to supporting him and the wider team over the next twelve months."

Mooney joined Kainos as a trainee software engineer in June 1989, undertaking several technical and consulting roles before being appointed to the role of CEO in June 2001.

Kainos said that during his tenure as CEO, he has led the company through a successful IPO on the London Stock Exchange and turned the firm "into a truly international business and one of the UK's leading IT providers".

Sloan joined Kainos in 1999, also as a trainee software engineer, before embarking on a series of leadership roles. Since 2013, he has been the director of Kainos' digital services division, over that period growing the division from 35 people to a global team of 1,600 people today.

At 0935 BST, the shares were down 5.6% at 1,338p.

Numis, which rates the shares at 'hold', said: "Whilst financial results at Kainos have been robust in the midst of a number of digital transformation services companies missing numbers, we believe investors will view this change with a bit of trepidation given Brendan's track record.

"Russell's equally long-standing tenure and experience should help with the stability and transition."