The chief executive of struggling IT company iSoft, Tim Whiston, has resigned
from the group following a series of accounting problems that plagued the
company and forced it to cut profits.
Shares in the company, a supplier of software for the controversial NHS
national programme for IT, have fallen from around 400p in January to 55p this
month as the aggressive accounting policies iSoft had been using came to the
Whiston was formerly the finance director of iSoft before his promotion to
the role of chief executive and he worked closely on the MBO of iSoft from big
four accounting firm KPMG.
John Weston, the chairman of the group, will take over from Whiston until a
replacement is found.
Whiston said he had decided to quit because his presence had become ‘source
of negative speculation’ for the company and was an ‘unhelpful distraction to
those within it’.
Weston said that despite its financial difficulties iSoft remained a
‘creative and innovative company’ that had an opportunity ‘to build on a
successful track record in healthcare software’.
iSoft shares climbed 2.71% after Whiston announced his resignation.
For more on the accounting problems at iSoft click
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements