SDL chief leaves to "pursue other interests"

The Chief Executive Officer (CEO) of translation and communications software group SDL is leaving the company with immediate effect to "pursue other business interests".

John Hunter, only stepped up from being Chief Financial Officer in February 2011. Mark Lancaster, currently Chairman of SDL will assume the role of CEO, while the company looks for a replacement.

His sudden departure follows a disappointing third quarter trading update on October 15th, which showed that the slowdown in technology revenue growth continued into the third quarter.

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At the time, it led Investec to reducing its 2012 and 2013 pre-tax profit forecasts by 4% and 5%, respectively.

Consensus estimates for the current year, ending December 31st are for pre-tax profits of £40.26m on turnover of £268.2m.

CM