LONDON (Alliance News) - Quindell PLC on Monday named Indro Mukerjee, the non-executive chairman of FlexEnable Ltd, as its new chief executive, giving him responsibility for leading the company in the aftermath of the delayed publication of its results for 2014.
The technology and outsourcing company also has appointed Peel Hunt LLP as its nominated advisor on AIM and corporate broker, replacing Cenkos Securities PLC.
Quindell is under investigation by the UK's Financial Conduct Authority, the City regulator, over its accounts for 2013 and 2014, while the Serious Fraud Office has opened an investigation into its past business and accounting practices.
The company posted a pretax loss of GBP238.0 million for 2014, widened significantly from a loss of GBP8.6 million a year before, as it booked GBP157 million in impairment charges, a result of provisions it had to make as a result of the change in accounting policies.
"I'm of course aware of the challenges the company has been facing and respect the chairman, board and rest of the team for the way that they have been identifying the issues of the past, and dealing with them resolutely and rapidly," Mukerjee said in a statement.
"At the heart of the company are some excellent people and great technologies. My immediate priority will be to identify how to drive the development of both to serve our customers and create value for our shareholders," Mukerjee said.
Mukerjee, 54, previously was chairman and chief executive officer of private-equity backed vehicle C-MAC MicroTechnology and also worked for Philips Semiconductors BV.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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