Kainos re-appoints Brendan Mooney as CEO
By Iain Gilbert
Date: Wednesday 11 Dec 2024
(Sharecast News) - IT provider Kainos said on Wednesday that it has re-appointed Brendan Mooney to the board as chief executive officer.
Mooney will succeed outgoing CEO Russell Sloan, who will step down from the role with immediate effect. Sloan previously took over from Mooney in September 2023.
Brendan started working for Kainos in 1989 and was CEO for 22 years before stepping down. He also led Kainos through a successful IPO in 2015 and turned the group into an international business.
AJ Bell's Dan Coatsworth said: "A chief executive presiding over a gradually declining share price only has so long to fix the problem before shareholders or the board of directors push for change at the top. It looks like time ran out for Kainos' CEO, Russell Sloan, who has left with immediate effect. He was only in the top job for just over a year.
"Bringing back the previous CEO has gone down well with the market as Brendan Mooney is a known entity. He is seen as a trusted pair of hands who knows the business inside and out. The big unknown is whether Mooney has been brought back on a temporary basis as a 'Mr Fix It' or if he's in it for the long haul."
Kainos also stated expectations for the year ending 31 March 2025 were unchanged from the time of its H1 results on 11 November.
As of 0925 GMT, Kainos shares were up 7.35% at 862.0p.
Reporting by Iain Gilbert at Sharecast.com
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