Parity slumps as chief exec departs

Shares in Parity slumped after the IT services group announced the departure of its chief executive Alwyn Welch.He will be replaced by Phil Davies, who founded the company and was chief executive of the company from its creation in 1994 until 1999.Welch's departure came as the company updated the market on trading, saying that trading during the first half of 2010 has remained largely consistent with expectations, but adding that it remains cautious over government spending plans.Parity provides IT systems for public and private sector clients in areas such as recruitment.