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AVEVA Group PLC CEO Richard Longdon to quit

Published: 08:23 08 Jul 2016 BST

Board room
Musical chairs in the AVEVA board room

Richard Longdon, chief executive of engineering software firm AVEVA Group PLC (LON:AVV) is to quit the role at the end of the year.

The announcement came as the firm said trading since its last update in May had been in line with expectations, and although it had not seen any noticeable change in the trends reported at that time, if the weakness in sterling since the EU referendum vote in the UK continues, it would expect to see a boost in the translation of overseas earnings.

The group maintains a strong balance sheet and saw strong cash generation in the first quarter, resulting in net cash of £133.0 million at 30 June 2016.

Longdon has been with the company for 33 years, just over half of which were spent as chief executive. He will be succeeded by James Kidd, who is currently chief financial officer.

David Ward, head of finance at AVEVA since 2011, has been appointed as a director of the company and will become the chief financial officer, with Kidd moving to the role of deputy chief executive for the rest of this year.

Longdon leaves just a few weeks after a possible marriage with French multi-national Schneider Electric collapsed for the second time.

The companies had resumed negotiations in June after previous talks collapsed back in December.

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