CEO of listed Manchester tech group steps down
K3 has announced that its Chief Executive, Adalsteinn Valdimarsson, is stepping down and leaving the company.
The Manchester-based software and cloud company said that it was now moving into a “new phase of development” following the £14.7m disposal of Starcom Technologies.
"K3 has significant growth potential and with the business on a firm financial footing, I am confident that it will thrive under new leadership,” explained Valdimarsson.
“I would like to thank all my colleagues for their commitment to the Group, and wish them every success for the future as they take the business forward."
As a result, Chairman, Tom Crawford, will assume the role of interim Chief Executive Officer until a successor is recruited.
Valdimarsson joined K3 in 2016, initially as a non-executive director, and was subsequently appointed as Chief Executive Officer.
He led a “fundamental” restructuring of the company, and refocused its strategic direction to develop own-IP and its K3|Imagine software platform as the foundation for corporate and customer growth.
"Adalsteinn has made a significant contribution to K3 over the last five years, and shown tremendous dedication. He is respected by the Board and staff alike, and we would all like to thank him for his hard work and commitment,” added Tom Crawford, Chairman and interim Chief Executive Officer.
"K3 is entering a new phase of development and we expect to be in a position to announce the results of our recruitment process in March with results."