Aveva boss leaves, revenues flat

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The chief executive of AVEVA Group PLC (LON:AVV), Craig Hayman, has decided to leave the industrial software firm and return to the US for personal reasons after its AGM in July after three years at the helm, with his employment to cease at the end of his notice period on January 31, 2022.

The FTSE 100 firm said Peter Herweck, the current executive vice president of industrial automation at Schneider Electric, which AVEVA merged with in 2017, will be seconded on request of the board to the CEO role effective from May 1.

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“I would like to acknowledge Craig’s three years of dedicated service as AVEVA’s CEO. His contribution will resonate in future years as we see the ongoing benefits of the merger of AVEVA and Schneider Electric’s industrial software businesses and the recently acquired OSIsoft consolidating AVEVA’s prime position in the world of industrial software”, AVEVA chairman Philip Aiken said in a statement.

“Peter Herweck is very familiar with AVEVA’s business having served on AVEVA’s Board since 2018, more recently as vice-chairman. He brings very significant experience in operating and integrating software businesses and is the ideal appointment at this stage of AVEVA’s development, supported by an experienced executive team that is well versed in integration programs”, he added.

Full-year revenues flat

In a separate announcement updating on its trading for the year to March 31, AVEVA reported that it had achieved double-digit revenue growth during the second half of the year, which resulted in flat full-year revenue growth which it said reflected disruption caused by the coronavirus pandemic in its first half.

The firm also said the completion of its acquisition of OSIsoft on March 19 had enhanced its ability to accelerate the digital transformation of its industrial sector, adding that the business had seen revenues grow “by a mid to high single-digit percentage rate” during the year.

AVEVA added that it had also achieved “strong growth” in its subscription revenues and increased its operating margins.

Shares in the group dropped 3.7% to 3,761p in early deals on Tuesday.

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