THE CHIEF executive and finance boss of troubled tech firm Wandisco have stepped down as the firm looks to move on from an accounting debacle.

The firm has seen its shares suspended for around a month after telling markets it had discovered "irregularities" in its accounts.

The tech darling told markets yesterday that those irregularities included $115m (£93m) worth of sales bookings now written off as false, with an investigation by FRP advisory ongoing.

"The results of the independent investigation to date continue to support the initial view that the irregularities are as a result of the actions of one senior sales employee," Wandisco said.

Wandisco said the pair's exit is not related to FRP's findings but the future of the business would best be pursued under "new leadership".

Kenneth Lever will assume the role of executive chairman pending the conclusion of a formal process to appoint a new chief executive and Ijoma Maluza will take the role of interim chief financial officer, effective from 11 April.

"Over the years David [Richards] (pictured) and Erik have contributed significant time and effort to establishing and developing Wandisco," Lever said.

Richards was previously ousted as boss in 2016, before being returned by shareholders within a week.

In an interview earlier this year, he compared being booted from the top job as "the same mental process" as a death in the family.

(c) 2023 City A.M., source Newspaper