365 turmoil leads to FD's promotion
Martin Turner, finance director of 365 plc, is taking control at the dotcom following the sudden decision by its chief executive to stand down after the company's share price hit a new low.
A chartered accountant who has worked for Price Waterhouse and Arthur Andersen, Turner was yesterday appointed deputy chief executive with immediate effect.
The company said that arrangements to fill the chief executive post vacated by Dan Thompson, co-founder of the internet services company, were underway and that an announcement would be made in due course. Turner, who joined 365 in February 1999 when it bought Symphony Telecom, was not available to say whether or not he would be applying for the chief executive post.
Thompson will officially stand down by the end of June 2001, but will continue to act as a freelance consultant and adviser to the board.
Ian Martin, chairman of 365 Corporation plc, said: ‘Dan Thompson was one of the founders of 365 in 1997 and led the flotation on the London Stock Exchange in December 1999.
‘He has made an outstanding contribution to building the company to its present size and establishing its reputation.’
‘Dan leaves the business in good shape, focused on a clear path towards profitability.’
One of the earliest dotcoms to float, 365’s shares have plunged to less than 20p from a high of over £3 after the float.
Turner is also responsible for 365’s business division.
Links
Profile: Martin Turner – The year long love affair