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WANdisco PLC on Wednesday named Kenneth Lever as interim non-executive chair to help tackle potential fraud in the company. Lever also has been appointed as chair of the Investigation committee, supporting the investigation currently being undertaken by FRP Advisory. The Investigation committee comprises the chair and two non-executive directors: Senior Independent Non-Executive Director Peter Lees and Karl Monaghan, chair of the Audit committee. Earlier in March, WANdisco suspended trading in its shares after uncovering signs of possible ‘sophisticated’ fraudulent activity, just days after it announced it was exploring a potential US listing. The company explained that, following investigations by its chief financial officer and chief executive officer, it has discovered ‘significant, sophisticated and potentially fraudulent irregularities’ with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee. At the time, WANdisco said the irregularities would ‘significantly impact’ its cash position and lead to ‘material uncertainty’ regarding its overall financial position. Lever is currently a non-executive director at Vertu Motors PLC and Rockwood Strategic PLC, as well as deputy chair of Rainier Developments Ltd. He recently stepped down as non-executive chair of Biffa PLC and RPS Group PLC, as both companies were acquired. As an executive, Lever was CEO of technology services firm Xchanging PLC. WANdisco has a market capitalisation of £880.3 million. Copyright 2022 Alliance News Ltd. All Rights Reserved.
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