Loss-making Raft replaces chief executive

Raft International, a London-based software development company that provides risk management products, which on Monday reported a £1.15 million interim loss before tax, will replace its chief executive Frank Mobjerg.

Derek Hall, a former managing director with JP Morgan, who joined Raft as a non-executive director in January, will take over as Raft’s chief executive from August 12. Raft’s chairman David Priestley claimed Raft’s poor financial results and Mobjerg’s demotion were not linked.

Mobjerg will return to the revenue side of the business. “Frank set up our Scandinavian business, from where 30% to 40% of our revenues come," said Priestley. He is returning to boost our sales operations over there.”