Redcentric demerger sees FD’s departure lined up

THE FINANCE CHIEF at cloud services company Redcentric has announced his decision to resign following the successful demerger with Redstone.

Peter Hallett, chief financial officer of Redcentric, has been with the business for four years, where he completed the restructuring of Redstone and the demerger and flotation of Redcentric.

Hallett, who has a 12-month notice period and will remain as CFO until a successor has been recruited, is leaving to pursue new professional challenges, the company said.

He joined the Redstone board in 2009 having worked closely with the business as a consultant on behalf of its bank since 2008 as an interim and turnaround specialist, and was instrumental in the refinancing and restructuring of the business.

“It has been a pleasure to successfully oversee both the turnaround of Redstone and the successful demerger and flotation of Redcentric. Both businesses are now leaders in their respective fields and I feel that my work will be complete following a thorough handover to my successor,” Hallett said.

In April, Redstone Group demerged its network-based managed services business to a new company, Redcentric. The group’s infrastructure solutions division will continue to trade as Redstone.

Richard Ramsay, chairman of Redcentric, said: “The board would like to thank Peter for his significant contribution to the business. His work in leading the demerger and flotation has been of the highest quality and we wish him well in his future endeavours.”

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