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Logica conclusion
Seamus Keating, finance director at Logica, the IT consultants, must be pondering his future this morning. While for most rain was the only spoiler for the Bank Holiday weekend, Keating learned that his CEO Martin Read was stepping down following sustained pressure from investors.
Not only that, but as he goes to work this morning he will no doubt read the press reports suggesting that he is no longer a favoured candidate to succeed Read, and that an external candidate will be sought.
You couldn't blame Keating for thinking that his time at Logica is up and that it was time to clear his desk. Not only does he seem to have lost confidence as a successor, but investors seem to have generally taken against the board as a whole.
Interesting now to see whether he fights his corner, or cuts his losses. Either way, not a nice way to return from the Bank Holiday.
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