Alterian CEO David Eldridge resigned April 4 as the company warned investors that revenue will fall 10% below market expectations for the year ending March 31. Iain Johnston, who has served as non-executive director since 1997, will become deputy chairman and run the firm’s day-to-day operations.
The marketing technology services provider’s expected revenue dip is the result of the deferral of a licensing contract with an unnamed company, said Haya Herbert-Burns, an Alterian spokesperson.
Alterian announced Eldridge’s resignation in a profit warning statement to investors, in which the company said revenue would fall 10% below market expectations of $59.7 million to $62.6 million.
Alterian said the earnings shortfall is a result of a contract deferral with a company that underwent substantial management changes and was unable to complete the contract process before the end of Alterian’s fiscal year. Burns declined to name the company in question.
Eldridge had worked at Alterian since the company’s founding in 1997.
“In leading the development of the company to the well-positioned international business it is today, he has shown determination, commitment and leadership, often in challenging circumstances,” said Keith Hamill, chairman of Alterian, in a statement. “He will be missed. I would like to thank him for what he has done and recognize the character he has shown in reacting to our current setback.”
Eldridge will continue to work in a management role at Alterian until a replacement is found, the company said in a statement. Herbert-Burns said she could not specify what position he will hold or how quickly a replacement will be named.
