Mukerjee, aged 54, is non-executive Chairman of FlexEnable Limited, a company in flexible electronics technologies.
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The scandal-hit company had also yesterday announced the appointment of Indro Mukerjee as chief executive, and further underlined its break with the past with the replacement of house broker Cenkos with Peel Hunt. His experience includes roles in complex environments, often involving fast moving technologies.
At the time the researchers wrote that “42%-80% of Quindell’s profits are suspect, as we are unable to reconcile the whole with the sum of the parts”, adding that the company’s balances sheets “do not resemble” those of a true software, cloud or software-as-a-service (SaaS) firm. Prior to this, he was chairman and CEO of C-MAC MicroTechnology, from which three companies serving the automotive, aerospace/defence and communications markets were created and subsequently sold.
The Financial Conduct Authority has dropped an investigation into Quindell in light of the Serious Fraud Office’s decision to launch an investigation into the Aim-listed outsourcer. He previously worked for Philips Semiconductors BV in several executive board positions. “My immediate priority will be to identify how to drive the development of both to serve our customers and create value for our shareholders”.
Earlier this month, the group released its delayed 2014 results, reporting increased sales of £72 million, but a £33 million EBITDA (earnings before interest, tax, depreciation and amortisation) loss.
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Earlier this month the company published annual results and revised what it called its “aggressive” and “inappropriate” past accounting policies.
