Wandisco names ex-Sage boss Stephen Kelly as CEO

Wandisco has named Stephen Kelly as interim chief executive officer, following the departure of senior executives amid a $15million fraud probe.

He will start at the had of he troubled AIM-listed software company from tomorrow.

Wandisco’s chief executive and finance boss resigned after an internal probe found the group had falsified almost $15million in revenues last year

Former Sage chief executive Kelly replaces Ken Leve, who will return to his role as interim non-executive chair to focus on lifting Wandisco’s ongoing share suspension.

Kelly has previously held senior roles at start-ups and large organisations across bother the public and private sector, including Oracle, Chordiant and Microfocus.

He was also previously chief operating officer of the UK Government.

It is ‘intended’ that Kelly will be named permanent CEO when the suspension of its shares can be lifted, according to the group.

Wandisco said his initial primary focus will be ‘customers, channel partners and alliances, the sales organisation, go-to-market strategy and building the sales pipeline’.

Last week Wandisco revealed it would lay off almost a third of its staff as the probe into its sales scandal continues.

In April, the Financial Conduct Authority launched an investigation into Wandisco following revelations of ‘fraudulent irregularities’.

Wandisco discovered the irregularities last month, with orders giving rise to revenue of $14.9million and sales bookings worth $115.4million found to be false.

Revenues last year should have been $9.7million, rather than $24million, while bookings should have been $11.4million, instead of $127million.

The findings by FRP Advisory also continue to support the initial view that one senior sales employee was responsible for the irregularities.

Wandisco shares were suspended in March after the company announced that an investigation was under way to identify its ‘true financial position’.

It came only days after Wandisco announced it was eyeing an additional listing of its shares in New York.

Kelly said: ‘I am a firm believer in the potential of WANdisco’s technology to become a market leader and, whilst there is much work to be done, I have relished my previous UK listed turnaround roles and am proud of the successful transformations, profitable growth and value creation they have delivered.

‘I believe Ken has started the rescue, recovery and rebuild process well and, as a team, we have the opportunity to build a high-quality, global UK growth business delivering for all stakeholders.’

Lever added: ‘All of us remain squarely focused on advancing the workstreams that are designed to lift the current suspension in Wandisco’s shares and position the Company for long term success. I look forward to benefiting from Stephen’s energy and perspectives as we do so.’