First Protocol sold to management following CEO departure

First Protocol's Richard Waddington has stepped down as CEO, prompting the remaining directors to purchase the company in an MBO.

First Protocol's CEO steps down
First Protocol's CEO steps down

Waddington is stepping down to pursue personal interests but will continue his contact with the company in a special advisor role.

His departure was primarily supported via a management buy out through the remaining five directors of the company.

First Protocol managing director Mark Riches told C&IT that the board is fully committed to continuing the company's growth, with an eye on the Asian expansion. "We were lucky to be in the position to buy the company, which has no debt and great footing. We've grown our staff in Singapore by five due to recent client wins and are focusing on expanding in Asia."

Waddington was a founder of the company 17 years ago and has been instrumental in the company's progress.

Peter Godfrey, First Protocol's chairman said the Board will miss the vision and drive that Waddington constantly brought to his work, adding that heis delighted that he will return as a special advisor to the Board in the future.

He also stated that through the MBO transaction the management team have demonstrated their full and on-going commitment to the clients, the First Protocol teams and the on-going success of business.

First Protocol recently shared its positive growth outlook and Asian expansion plans.

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