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KBC CEO walks in aftermath of cash warning

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LogoThere’s change at the top at energy software and services specialist KBC Advanced Technologies, as CEO George Bright makes a rapid exit from the company following the dire warning last month that KBC had missed targets, dived into the red and was running short on cash (see KBC blushes red on warning and cash call). He has resigned “with immediate effect” and will spend the next couple of weeks on handover duties. Chairman Ian Godden will take over on an interim basis and his first task will be to hurry along the previously announced restructuring of the consultancy business. The business might need a more fundamental overhaul though given the apparent speed at which it went from confidence in its performance to alarm bells. If it missed the warning signs, it would not be surprising to see more troubles emerging from this company, which has been diversifying within its sector, and expanding internationally. 


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