Jones leaves patsystems

David Jones, previously interim chief executive at London-based derivatives technology company patsystems, has left the company’s board to concentrate on other business ventures outside financial software. In September, Jones was replaced by Kevin Ashby, but remained on the company’s board of directors.

Jones, who had acted as interim chief executive for 12 months, oversaw the formulation of a new company product strategy, and survived a vote of no confidence when disgruntled former management and investors tried to oust the then-current management.

He joined the board at the start of 2001 from retail broker Sharelink, which he founded in 1986 and merged with Charles Schwab & Co in 1995.

Jones' departure coincides with the news that patsystems is rethinking its holding structure. It is also planning a transfer to the London Stock Exchange’s Alternative Investment Market, and to return £9.9 million in surplus cash to shareholders