Isoft FD steps down and shares fall

Link: ‘Little change under IFRS’ for Smith & Nephew

John Whelan, who was appointed FD in February, will be pursuing opportunities in the private equity sector.

Isoft chief executive Tim Whiston said the departure was a personal decision by Whelan and was amicable, coming shortly after Isoft’s acquisition of rival Torex.

According to the Financial Times, analysts say Whelan’s departure has re-ignited questions about the company’s accounting practices that were raised in the summer – and which also affected its share price.

No specific issues have been pinpointed, but the paper says analysts are hoping for an outsider to take on the FD’s role in order to provide new assurance on the accounting issue.

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