Redcentric CEO resigns

Fraser Fisher will leave MSP at end of year to pursue other business interests

The CEO of Redcentric has resigned as the £100m-turnover managed services provider continues to work through its legacy accounting issues.

Fraser Fisher is to step down from the AIM-listed firm but will continue in his role until 31 December 2017 so that he can provide a handover with his yet-to-be appointed successor.

Redcentric's share price crashed by two thirds last November after it warned it would have to write down historic profits after discovering "misstated accounting balances" in its balance sheet.

The imbroglio immediately claimed the job of its then-CFO Tom Coleman.

Fisher (pictured) is leaving to "pursue other business interests", according to a stock exchange announcement this morning.

Redcentric said in June that it had put a "challenging period" behind it after hitting revised financial targets, with annual revenue reaching £104.6m.

In February, the firm became the sole supplier on a significant contract which forms part of the Health and Social Care Network, which replaces the N3 national private network.

Redcentric's share price rose three per cent on this morning's announcement, but the firm's market value still stands at a little over half of what it was before its accounting woes begun. It is now seeking Fisher's replacement.

Redcentric chairman Chris Cole said: "On behalf of the board, I would like to thank Fraser for his loyal service to the company for the past 14 years and for his leadership of the business in the recent difficult times and wish him well for the future."