WANdisco shares surge as CEO Richards steps down

WANdisco co-founder and chief executive David Richards has stepped down from the board of the 'big data' software company with immediate effect, with chairman Paul Walker taking an executive role in the interim.

The AIM-listed company said the search for someone to replace Richards, who co-founded WANdisco in 2005, has already begun and that trading remained in line with expectations as given in August.

"There is a good pipeline of bookings and cash costs continue to decline, which combined with the new equity funding secured in June have enabled WANdisco to remain on a path toward cash flow break-even," the company said.

Richards said he felt the business was at an "appropriate juncture, place and scale" for a new CEO to drive the company forward.

Walker added: "We have a strong product, perfectly adapted to meet today's Big Data challenges and we are able to take that product to customers globally, using the international software business David has helped to build as a platform."

Shares in WANdisco climbed 12% to 240.5p by noon on Thursday, a new one-year high but still well shhy of the near-1,500p peak around three years ago.