Networking integrator Redstone has revealed its CEO, Martin Balaam, has left the company by "mutual consent" as the company fixes its sights on the "next phase in its development".
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In a statement filed with the London Stock Exchange, Redstone said the move would come with immediate effect, adding it had already appointed its chairman and non-executive director, Alan Coppin, to serve in Balaam's place for the "foreseeable future".
The firm has been cutting costs aggressively after posting a loss in December, and is currently setting its sights on public sector projects, many of them in preparation for the London Olympics, according to Rick Marshall, managing director of Redstone's Converged Solutions business unit.
Balaam gave no indication of whether or not he plans to remain in the channel.