Baltimore Technologies' chairman steps down

Fresh evidence of continuing boardroom tension at Baltimore Technologies, the Dublin-based security software firm, emerged yesterday when Henry Beker, the non-executive chairman and co-founder, resigned to devote more time to developing his interests in several New Economy start-ups.

Fresh evidence of continuing boardroom tension at Baltimore Technologies, the Dublin-based security software firm, emerged yesterday when Henry Beker, the non-executive chairman and co-founder, resigned to devote more time to developing his interests in several New Economy start-ups.

The departure of Professor Beker follows what insiders have described as ongoing disagreements with Fran Rooney, Baltimore's chief executive. Mr Beker is the second board member to leave the company in the past five months. His departure follows the 27 April resignation of Matthew Bowcock, who joined Baltimore when it took over Security Domain in 1998.

Peter Morgan, deputy chairman, will become non-executive chairman of Baltimore with immediate effect. He has been a board director since 1994 and became deputy chairman two years ago. Mr Morgan said: "I am excited by the huge potential for Baltimore. Our achievements over the past few years have laid a strong foundation for the company to continue to expand as a global force in high technology." He is a former chairman of Swalec and Pace Microsystems, and a previous director-general of the Institute of Directors.

Mr Beker founded Zergo Holdings in 1988 and secured its listing on the stock market in 1998. Following the 1999 merger with Baltimore, Zergo changed its name and Messrs Rooney and Beker agreed to split the top jobs.

In May, Mr Beker transferred 70,000 shares to charitable causes, including the University of Cambridge.

Mr Beker leaves the company with 4.4 million shares, worth £34m. Following sales of stock earlier this year, Mr Rooney maintains a near 6.2 million share interest in Baltimore with a value of £47m. Baltimore stock ended up 5p at 767p