BELEAGUERED data firm Wandisco is set to appoint businessman Stephen Kelly as interim chief executive, it announced yesterday.

Kelly previously served as chief executive of software companies Chordiant, Microfocus and, most recently, FTSE 100 constituent Sage until 2018.

"I am a firm believer in the potential of Wandisco's technology to become a market leader and, whilst there is much work to be done, I have relished my previous UK-listed turnaround roles and am proud of the successful transformations, profitable growth and value creation they delivered," Kelly said.

Sheffield-based Wandisco suspended trading on the London Stock Exchange in March after an internal investigation found $15m (£11.9m) of revenues and $115m of sales last year had been fabricated.

Former chief executive David Richards and chief financial officer Erik Miller stepped down in April.

The firm previously said an external investigation by FRP Advisory had linked the sales booking to one senior sales employee and that "all other purchase orders" were legitimate.

Last week, the firm announced it would slash its headcount by nearly a third amid an ongoing probe.

Wandisco chair Ken Lever, who was brought in to oversee the company's turnaround after the departure of Richards and Miller, will resume his position as interim non-executive chairman.

The company has said it intends Kelly to be appointed permanent chief executive when the suspension of the company's shares is lifted.

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