8th Jul 2016 06:20
LONDON (Alliance News) - Engineering software company AVEVA Group PLC on Friday said its long-serving chief executive, Richard Longdon, will step down at the end of 2016, as it said trading had been in line with its expectations.
Longdon will leave at the end of 2016 after 17 years at CEO and 33 years with the company.
James Kidd, AVEVA's chief financial officer, will become deputy CEO with immediate effect and will replace Longdon at the helm on January 1, 2017. He has been AVEVA's CFO since 2011.
Kidd, meanwhile, will be replaced by David Ward, currently AVEVA's head of finance.
The change at the top came as AVEVA said trading in the first quarter of its financial year, to the end of March, had been in line with its expectations.
The company added the weakening of sterling against the dollar and euro which followed the UK's decision to leave the European Union will provide a translational benefit to AVEVA's 2017 financial year results if exchanges rates remain at current levels.
By Sam Unsted; [email protected]; @SamUAtAlliance
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