SIR DOMINIC CADBURY is to step in as temporary chief executive of Misys as the company has today confirmed Kevin Lomax, its long-serving chief executive and co-founder, is stepping down, says the Daily Telegraph .
Cadbury hopes to announce a successor to Lomax by mid-October, but it is thought his departure has been prompted by the firm’s inability to convert takeover bids recently submitted to the company.
Three former Misys executives – Ross Graham, John Sussens and Mike O'Leary – who sought a “management walk-in” – are now urging Misys to appoint them as soon as possible to run the company.
The three want to break up the company, as they believe there are no synergies between the group's three main core businesses of banking software, healthcare software and financial advice, says the paper.
The Guardian adds Lomax will walk away with a pay-off of more than £1m after failing to come up with a bid for the company.
LLOYD’S OF London will announce plans today to alter radically its 318-year-old structure, ending the automatic right of private investors to put money into the world’s oldest insurance market, says the Times.
In a letter to be sent to the market’s insurers, Lord Levene of Portsoken, its chairman, will outline changes to the “year of account” — the practice of creating a new capital base for each of the market’s syndicates every calendar year.
Failure to modernise the year of account would mean private investors, known as Names, would eventually be forced out of the market, Lord Levene is expected to write.
SCOTTISH EQUITY Partners, the venture capitalist group, has raised £160m to invest in emerging companies – the biggest fund unveiled in Europe in the past 12 months, reports the Scotsman.
The Glasgow-based company has now closed the oversubscribed SEP III, which has attracted strong support from a string of blue-chip investors, including Swiss Re, Skandia, Gartmore and Scottish Widows Investment Partnership.
It is understood the cash raised by the fund, which ended up about £40m above target, will be ploughed into about 30 emerging technology, healthcare and energy-related companies across Europe.
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