Patsystems to recruit new chief executive

Patsystems, the London-based derivatives trading systems vendor, is actively seeking a replacement for chief executive David Jones, according to company sources.

Media reports have circulated that Jones had resigned his position with immediate effect as a result of the company’s flagging fortunes. But a senior company official, who wished to remain anonymous, refuted these reports, explaining that the firm will only replace Jones when a suitable candidate has been found, which is in line with the firm’s policy of ‘succession management’.

Jones will then retain his position on the board, but only in a non-executive capacity. No timeframe has been set for the installation of Jones’s replacement, although according to the official, a head-hunter has been instructed to begin the search.

Other new appointments include those of Richard Cooper and Roger Colletta to group finance director and group commercial director respectively. Non-executive chairman Richard Sandor is due to retire in June. He has not made himself available for re-election due to other work commitments.

Last month patsystems held an extraordinary general meeting requisitioned by a disillusioned group of shareholders in an attempt to oust Jones and replace him with their candidate, Gary Brecka. Jones, who was appointed on a temporary basis in September 2001, survived the no-confidence vote.

Since his appointment, patsystems has landed two lucrative connectivity contracts with Chicago-based firms Cargill Investor Services and Spike Trading. These new clients have been central to patsystems’ ‘strategic review’, announced in January this year, which saw the re-negotiation of existing client contracts and staff reductions in an effort to drive profitability.