London-listed IT firm, Kainos, reappoints former CEO Brendan Mooney after a brief departure.
- The company had briefly appointed Russell Sloan as CEO in September 2023.
- Kainos shares had seen a significant drop of over 25% since the year’s start, including a single-day fall of 12%.
- Mooney, known for leading Kainos through its London Stock Exchange debut in 2015, continued as an advisor post-CEO role.
- Russell Sloan, after 25 years at Kainos, confirmed his departure from the firm.
London-listed IT firm, Kainos, has taken a surprising turn by reinstating Brendan Mooney as its Chief Executive Officer only months after he had stepped down. Mooney, who has been with the company since 1989, initially resigned from his position as CEO in September 2023. Russell Sloan, a veteran employee of Kainos, had succeeded him. The unexpected change comes without a detailed explanation for Sloan’s departure.
In the interim, Kainos experienced a challenging period financially. The company’s shares had fallen dramatically by over a quarter since the start of the year, and on a single day in September, shares plunged more than 12%. This downturn followed a revenue warning that the firm would fall short of market expectations, subsequently reflected in its half-year report showing a 5% decrease in revenues to £183.1 million.
Despite stepping down, Mooney remained actively involved with Kainos, offering his expertise as an advisor. He had been the CEO for 22 years prior, a tenure during which he managed significant milestones such as the company’s 2015 initial public offering on the London Stock Exchange. Mooney expressed his enthusiasm about reprising the CEO role, highlighting, “I am delighted to be returning to the role of CEO, and I see significant growth opportunities ahead for Kainos.”
Russell Sloan’s career at Kainos began in 1999 as a software engineer, culminating in a brief tenure as CEO for under 15 months. Sloan also shared his sentiments, stating, “It has been a privilege to work with so many talented people over my 25-year career in Kainos.” He affirmed his departure from the company via a LinkedIn post.
With Mooney’s return, Kainos marks a renewed strategic focus, emphasised by a 6% rise in share value to 860p following the announcement. The company’s chair, Rosaleen Blair, supported Mooney’s return, appreciating his past contributions and thanking Sloan for his longtime service.
Kainos anticipates a renewed trajectory with Mooney’s return, aiming to stabilise and enhance growth prospects.
