Alterian Finds Replacement for CEO

UK-based analytics and social media monitoring specialist Alterian has found a replacement for founder and former CEO David Eldridge, who stepped down in April, following a full-year profits warning. His successor, Heath Davies, will join the company in September.

Eldridge, who had led the Bristol-based company since 1997, said he felt it appropriate to resign after a major contract renewal and extension was deferred, leading to 'disappointing' annual figures.

Following his departure, the company announced it had slumped from pre-tax profits of £6.6m to losses of £4.4m in the year to March. Revenue of £37m was down from £38m the year before, as a 10.9% increase in the USA was offset by a 16.6% fall in the UK.

Davies (pictured) takes up the leadership post with a background in the management and development of technology businesses. Most recently, he was CEO of IT products and services firm Sword Group, prior to which, he worked there as Operations Director, Business Unit Director, and Sales and Marketing Director.

Alterian has also appointed Phil Cartmell - the Chairman of technology business Corac Group - as its new Chairman. He replaces Keith Hamill, who delayed his planned retirement from the firm in order to oversee recruitment for these appointments.

Hamill comments: 'The Board has undertaken a thorough search process and is very pleased to have been able to make two such strong appointments. Alterian suffered a major reverse when it failed by a substantial margin to make its forecasts for the year to 31 March 2011, but if well managed, it will get back on track.'

Web site: www.alterian.com .