Baltimore appoints new chief
Troubled internet security firm Baltimore Technologies today charged a new chief executive with the task of reviving the business.
Bijan Khezri, a non-executive director with the Irish group, will replace interim chief executive Paul Sanders as head of the business.
Baltimore has been hit hard by the tech slowdown and has seen its shares tumble by 98% in the past year. It fell out of the FTSE 250 in August.
The group is hoping to sell off a series of non-core assets in a bid to raise cash and Mr Khezri said the disposal programme was ‘‘well underway’’.
His main priority now, he said, was to focus on Baltimore’s core competencies and the needs of its customer base.
‘‘Our employees, technologies and installed customer base are first class. Our challenge is to successfully combine all these,’’ he said.
Mr Sanders was appointed interim chief executive in July but Mr Khezri said he had originally been brought on board to manage an acquisition programme.
As Baltimore’s strategy has changed, he decided to move on.
Baltimore announced 220 job cuts as part of a restructuring unveiled in August but Mr Khezri said he did not expect any more cuts to be made.
He added he was confident Baltimore, whose main UK offices are in Theale, Berkshire and Hemel Hempstead, could ride out the economic uncertainty.
Revenues in the third quarter of the calendar year were £15m, slightly down on the £16.3m recorded in the previous three months.
Mr Khezri said: ‘‘Overall, the uncertainty in the business decision making process has increased.
‘‘But if you asked me if it materially affected us I would have to say no, if you asked may it, it could do.
‘‘I think we seen things stabilising rather than getting worse.’’
Shares in the company rose 4% in early trading, up ½p to 14½p.
