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June 6, 1997updated 05 Sep 2016 12:16pm

DCS CEO QUITS, SPARKS STOCK SELLING FRENZY ON LONDON MARKET

By CBR Staff Writer

Bob Williams the chief executive of UK company, DCS Group Plc has announced his resignation, catching the City by surprise and triggering a selling frenzy in the company’s stock. The Leamington Spa-based computer software and services company immediately went into damage limitation mode as the share price plummeted 29.5 pence to 275 pence. The company reported exceptionally strong six months results in April with the promise of more to come and there appears to be very little reason behind the big sell off. Williams was installed as chief executive when DCS purchased Computer Services for Industry Ltd back in June of 1995 (CI No 2,681). But DCS Chairman Robin Lodge insisted on Thursday that the resignation was always part of the plan. Williams apparently made no secret of his intention to retire after the successful integration of his company, CSI, into the DCS Group. His resignation letter states that he now wishes to pursue other interests. Robert Arrowsmith the current Finance Director will assume the temporary position of Chief Operating Officer until a permanent replacement is found. DCS hope to promote from within but a final decision has not been taken.

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