Psion names new chief executive

Click to follow
The Independent Online

Psion, the mobile computer company, has appointed a new chief executive after the incumbent stepped aside to return to his old job as president of worldwide sales.

John Conoley, currently the head of a division of the energy company Eon, will take over at the end of this month. David Potter, Psion's chairman, will step down from the interim position he has held since the end of February when Jacky Lecuivre, who held the top job from October 2006, stepped down but retained his seat on the company's board.

Although Mr Lecuivre's move is unusual, the company's financial results for 2007, released at the same time, show acceptable revenue and profit growth. The outgoing chief executive is credited with boosting innovation and establishing a healthy product pipeline during his 16-month tenure. But for the business to meet its double-digit margin target – from a current level of around half that – it will have to adopt a different emphasis, according to analysts.

"The change is a step in the right direction. Mr Lecuivre is a sales person and a product guy, but to meet the margin goal needs someone more focused on restructuring," said Dan Ridsdale, an analyst at Landsbanki.