Adept names new CEO, founder takes over chairman role

IT services provider Adept has tapped Phil Race to take over from Ian Fishwick as its next chief executive as of 1 January.

Fishwick, who founded Adept back in 2003, will remain with the company, becoming its chairman in the new year, while existing chairman Roger Wilson will take a step down to deputy chairman.

Race will take over the day-to-day management roles from Fishwick and also support the new chair in future M&A activities.

When discussing the switch, Wilson said: "Ian has successfully led the growth of AdEPT over the past 15 years from a start-up in his home in 2003 to a group of nearly 250 employees, generating an impressive £11.8m EBITDA, turning less than £12m of equity investment into a company valuation of £86m as of today."

Fishwick added: "Having Phil on board allows me to focus on acquisition opportunities, which I will continue to pursue with great passion and where I will continue to work closely with him, whilst allowing him to handle the day to day operations of the company."

As of 1350 GMT, Adept shares had slipped 0.28% to 362p.