K3 Business Tech appoints Adalsteinn Valdimarsson CEO

AIM-listed K3 Business Technology, which provides cloud solutions to the retail, manufacturing and distribution sectors, appointed Adalsteinn Valdimarsson as chief executive from 1 October, amid a wider reshuffling of its top ranks.

Current chief executive David Bolton will take up the role of executive chairman and interim chairman Lars-Olaf Norell will return to the position of non-executive director.

Adalsteinn has over 20 years' experience in the software industry and founded a number of product-based software companies, while gaining experience with the Microsoft dynamics platform.

K3 also announced that it would carry out a number of other changes to the management team to support the company’s long-term growth plans, with further announcements to be made as appropriate.

Bolton said: "Adalsteinn's experience in the software sector, especially in driving intellectual property strategies, is significant, and he takes up his new role at a particularly exciting time for the group, with prospects looking very encouraging.”

Shares in K3 Business Technology were up 0.08% to 357.80p at 0817 BST.