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New management team hired at Ffastfill to stem losses.
(From Financial News (Daily))
Operating losses for Ffastfill, an independent software vendor which provides traders with access to international electronic exchanges, rose to [pound]7m ('11m) following write-downs of investments on two subsidiaries and the relocation of its testing facility from London to Prague.In response, the company has appointed a number of people in new positions and undertaken a complete review of its market strategy. The firm appointed Keith Todd as its new executive chairman replacing Nicholas Durlacher. Todd, who resigned from Fujitsu's ICL in 2000 following the cancellation of the firm's LSE relisting, has brought in two fellow ICL alumni to help round out his new management team. Nigel Hartnell will become director of business development and Dr John Elmore will be director of technology and operations.
The three new hires will join a management team headed by chief executive Chris Stone, who joined in October last year. As an incentive to stem the losses Ffastfill's executive board has granted the team options over 26.9% of the company's shares.
Ffastfill recorded exceptional losses ...
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