Shares up 3% on appointment of tech veteran Mukerjee

Indro mukerjee july 2015 cropped

Quindell’s share price closed sharply higher on news it has appointed a new chief executive.

At the close of trading, Quindell shares were 96 pence, up 3% from Friday’s close.

Quindell chairman Richard Rose announced this morning the appointment of Indro Mukerjee as group chief executive.

He will join the board on 7 September.

Mukerjee is non-executive chairman of technology firm FlexEnable which specialises in wearable technology and the internet of Things (IoT).

He was previously chairman and chief executive of electronics manufacturer C-MAC MicroTechnology, where he developed three businesses and subsequently sold them.

Commenting on this appointment, Quindell chairman Richard Rose said: “Indro has a proven track record of creating value through developing and implementing strategies based on matching compelling value propositions to growing markets.

Quindell also announced that it has appointed Peel Hunt as its nominated adviser and broker with immediate effect – replacing previous broker Cenkos Securities.

In its latest financial statement Quindell revealed a £238m pre-tax loss from last year’s continuing operations and restated accounts for 2013 and 2014.

A criminal investigation has been opened by the Serious Fraud Office into past accounting practices at the business. The FCA is also probing the firm’s past actions.

“I’m of course aware of the challenges the company has been facing and respect the chairman, board and rest of the team for the way that they have been identifying the issues of the past, and dealing with them resolutely and rapidly,” Mukerjee said.

Quindell also appointed Peel Hunt as its nominated adviser and broker with immediate effect - replacing previous broker Cenkos Securities.

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