RapidCloud surges after CEO and founder quits

Shares in RapidCloud International surged on Tuesday, as the web-solutions provider announced that founder Chee Han Wen ‘Raymond’ has resigned as chief executive and a member of the board with immediate effect.

Raymond has been replaced by Chew Man Fai as interim chief executive, who has also been appointed to the board as executive director.

The AIM-listed, Malaysia-based company also announced that operations director Chong Lip Kian and finance director Cindy Choo have left the board.

The resignations come on the heels of the company saying in February that 2016 had been an “extremely difficult” year and it expected to report an operating loss.

Last month, its nominated adviser and broker WH Ireland quit and RapidCloud has had to find a replacement within a month of the broker’s resignation as in accordance with AIM rules.

Shares in RapidCloud International were up 13.46% to 14.75p at 0742 GMT.