Trading software supplier Brady plc (LON:BRY) has told investors that the company’s chief executive Gavin Lavelle has stepped down from his position with immediate effect.
Brady said Lavelle, who has been with the company for nine years, has decided to “pursue new opportunities”.
Although he has already moved aside from his current role, he won’t officially leave the London-listed firm until February 2017.
“We are grateful to Gavin for his contribution over the years and wish him the very best for the future,” said executive chairman Ian Jenks.
“The business will continue to focus on servicing our clients and on developing our organisational structure to support our future growth.”
A search to find a replacement is already underway, with Jenks assuming operational control of the company in the meantime.
Brady endured a difficult year in 2015 with weaker-than-expected market conditions in the second half of the year, which led to a loss before tax and exceptional items of just over £900,000.
As a result the company made efforts to cut costs at the beginning of 2016, which paid dividends as it announced a return to profitability in the first half of the year.
Shares were down 1p, or 1.5%, to 67p.