David Currie, Quindell’s interim Chairman has the role of creating a solid foundation from which the business can grow.
This blog looks at David Currie to establish if he will act in the same manner as previous leadership or adopt a different approach.
David Currie History
· Currently heads start-up venture, Codex Capital Partners. Supports ultra-high net worth individuals with their investments.
· Appointed Quindell Non-Exec Director on 14th July 2014.
· Appointed Quindell Non-Exec Interim Chairman 8th November 2014.
Prior to this, he headed Investec’s UK investment banking division for 10 years. He is widely respected by the City and has a good reputation.
Is David Currie the appropriate person, in the short term, to head the business?
· Untarnished by any pre-Gotham events, failed FTSE listing and Equities First Holding deal.
· DC has nothing to gain from embellishing or exaggerating the businesses performance. He would not gain financially as;
o Has few shares
o No long-term ambitions of running the Company, he is actively looking for a replacement
· DC has a lot to lose from embellishing or exaggerating the businesses performance as;
o He has an excellent reputation
o Reputation is key to the success of the Codex venture and his relationship with ultra-high net worth individuals.
Based on the above you would come to the conclusion he is a safe pair of hands with no hidden agenda.
What’s David Currie saying to the market?
To suppliers and clients:
“This is the first part of a structured plan where hopefully we will now see some stability in the share price and continue to deliver industry leading operations and related services. The company is financially sound and the fundamentals are very strong.”
“Quindell remains a highly successful and profitable business with substantial cash reserves. ”
“We are not looking to sell any parts of the business. ”
“Our balance sheet remains strong. ”
“We will show what a great company we are and prove our doubters wrong. ”
“The Executive Team continues to work hard to ensure that the business remains focused operationally and that there is positive news flow from here. ”
“We have spoken to all our major clients and partners; we have received tremendous support from them with confirmation of the renewal of contracts on a long-term basis”
David Currie has a good reputation, is a safe pair of hands and is making the appropriate noises to the supply chain and employees. It is also notable since becoming Interim Chairman any RNS issued is succinct with no embellishment.
David Currie in a very short period of time has already started to put in place solid foundations.