MMT Computing's share price shot up 25.7% last week as Southwind increased its stake in the company and managing director Paul Marks resigned.
Southwind acquired 230,500 shares in the information technology solutions and consultancy group, which develops software solutions for insurance organisations such as CNA Re and Equitas. It now owns 4.48% of the company's ordinary shares.
On 14 February, the share price jumped from less than 90p to more than 120p and it was announced that Marks had resigned.
Last year Marks worked for MMT Management Consultancy, one of the company's subsidiaries. He was programme manager for the London Market Principles (LMP), which is intended to modernise back office, premium and claims payments in Lloyd's and the Company Market.
In April he was promoted to managing director of MMT Computing. Marks will leave the group "to pursue opportunities within the management consultancy field".
Peter Onslow has been appointed deputy executive managing director with immediate effect.
Onslow joined MMT in 1981 after graduating with a degree in computer science and has held various senior managerial roles within the organisation.
MMT Computing finance director Dee McFarlane said Southwind's purchase and Marks' resignation were "not remotely linked" and he would be staying with the firm until 13 August.
Chairman Mike Tilbrook added: "Paul Marks took on the managing director's role at a difficult time.
"He has made considerable progress in restructuring the group and positioning the company for the future. We, as a board, are sorry to see him go."
