Brendan Mooney has reclaimed his role as CEO of Kainos just months after stepping down, marking a significant shift in the company’s leadership.
- After overseeing Kainos’s growth for 22 years, Mooney initially left his position, only to be reinstated following a strategic decision by the company.
- Russell Sloan, who succeeded Mooney in September 2023, has departed from the role without a public explanation for his exit.
- Under Sloan’s brief leadership, Kainos experienced a drop in share value and revenue, prompting a reconsideration of its executive decision.
- Mooney, who has remained an advisor at Kainos, expresses optimism about the future growth prospects of the company.
In a surprising turn of events, Brendan Mooney has returned as CEO of Kainos, a company listed on the London Stock Exchange. This decision comes only a few months after he initially resigned from the position he held for over two decades. During his tenure, Mooney was instrumental in bringing Kainos to the public market in 2015. His comeback signifies a potential turnaround for the company, which has seen fluctuations in its market standing.
Following Mooney’s departure in September 2023, Russell Sloan assumed the CEO role. However, the company did not release specific reasons for Sloan’s recent exit. Sloan’s time as CEO saw a significant drop in the company’s share price, more than 25% since the beginning of the year, and a 5% decrease in revenue to £183.1 million, as reported in Kainos’s latest half-year financial results.
Mooney shared his enthusiasm for rejoining the company, highlighting the fresh insights he has gained during his time away. He mentioned, “I see significant growth opportunities ahead for Kainos,” indicating his strategic vision for the company’s future. Mooney’s return was met with market positivity, reflected in a 6% rise in Kainos’s share price to 860p on the morning of the announcement.
Russell Sloan, who had a long-standing career at Kainos, expressed his pride in the achievements during his tenure. Joining the company in 1999, Sloan held various roles, culminating in his short-lived CEO position. In a LinkedIn post, he confirmed his decision to leave Kainos, expressing gratitude for his time there.
Rosaleen Blair, the chair of Kainos, welcomed Mooney’s return with confidence, acknowledging his past successes with the company. She also recognised Russell Sloan’s contributions over his 25-year career with Kainos.
Brendan Mooney’s reinstatement as CEO signals a new chapter for Kainos, with renewed focus on growth and stability.
