Bytes Technology CEO makes sudden exit after undisclosed share trades

Bytes Technology said on Wednesday that chief executive Neil Murphy has resigned with immediate effect, having made undisclosed trades in shares of the software, security, AI and cloud services firm.

Murphy notified the board on Wednesday that he had made a number of trades in the company's shares that were not disclosed to Bytes or the market in compliance with the PDMR disclosure requirements.

"The board is working to clarify the details of these undisclosed trades," it said. It said that based on the information provided, Murphy's holding of BTG's shares is 2,890,218 and remains unchanged from the position notified to the market on 28 November 2023.

Bytes said that Sam Mudd, executive director of the company and managing director of Phoenix Software Limited, will assume the role of interim CEO.

It added that trading for the financial year ending 29 February 2024 has been in line with the board's expectations.

At 1600 GMT, the shares were down 9% at 547.74p.