Long-serving Midwich managing director Nick Culley has quietly stepped down and sold the majority of his shareholding in the business to three existing directors with finance head Stephen Fenby taking over at the top.
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Culley becomes non-executive chairman at the Diss-based specialist AV and print distributor after he cashed in the majority of his 33% stake in the business, sold to directors Fenby, Ashley Ward and Darren Lewitt.
Fenby told MicroScope that Culley - who led an MBO at Midwich to take it out of Avnet in 2001 - shuffled off at the end of October and plans to spend just a couple of days a month in the office.
"Between the three of us we have bought out Nick's stake," said Fenby, who refused to be drawn on details of the transaction. He said that no announcement was made because "it is business as usual".
The firm has carved a niche in the AV sector as a specialist distributor but continues to carry IT products, namely printing products and other peripheral devices.
Fenby said it is on track to hit £200m in the current financial year that closes this month and does not plan any radical changes but may look to build on acquisitions in Europe, with the Irish deal working out well and one in France a work in progress.
The business does not plan on recruiting a new finance director, he said, with the role consumed by the existing team.