British reseller Softcat’s managing director, Colin Brown sold 125,000 shares for £12 each – totalling £1.5 million and then announced he was going in July.
Brown’s departure was confirmed by the London Stock Exchange-listed business along with the name of his successor, Richard Wyn Griffiths, who joined Softcat in 2002.
However, the company says there is nothing untoward in the move. CEO Graeme Watt said Brown’s decision to step down had “not been an overnight one” and that succession planning had been in the works for ages.
He said Wyn Griffiths built up “skills and expertise” across the company over the past 18 years and was considered the best candidate to take over from Brown.
Brown joined Softcat in 2012, from Microsoft where he’d been UK services boss, and ran the company with former MD and CEO Martin Hellawell. After quarters of consecutive revenue growth a £472.3 million IPO in 2015, made the exec team millionaires.
In January, Brown sold some of his Softcat stock for £1.5 million but he still owns around 650,000 shares. The firm’s shares are currently priced at £23.50, giving the business a market capitalisation of £995. 5 million.
