Dublin-headquartered Version 1 said its chief executive Tom O’Connor will step back from his role at the IT services company after seven years at the helm.
Mr O’Connor will remain as a board member, and retains his stake in the digital transformation services company.
Staff were being informed of the impending change on Thursday afternoon.
Mr O’Connor has worked with the company for more than two decades. In that time, Version 1 has grown from an Irish-focused firm with 30 staff members to operating across numerous countries with a staff of more than 3,000 globally.
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The company did not disclose the reason for Mr O’Connor’s decision to step down, but it is understood he has no immediate plans for a new venture.
Current chairman Brian Humphries will lead the company until a successor is appointed, taking on the role of executive chairman.
Mr Humphries is the former chief executive of tech services and outsourcing company Cognizant. Before that, he served as chief executive of Vodafone Business and worked with Dell as chief operating officer of its infrastructure solutions group.
Mr Humphries paid tribute to Mr O’Connor for his work. “We are grateful for Tom’s drive, strategic acumen, and commitment to nurturing a culture of excellence and inclusion, built upon our core values and our Strength in Balance approach. It’s for this reason that the business supports so many customers of the highest pedigree in the private and public sectors, delivering industry-leading customer satisfaction,” he said.
“Version 1 has an exciting future with significant growth opportunities and I am looking forward to working with our customers and more than 3,000 employees through the next phase of the company’s growth.”
Version 1 is targeting €1 billion in revenue, capitalising on its rapid growth in the past three years. It recently expanded into the US, and has been investing heavily in emerging technologies such as artificial intelligence.
Last year, it announced plans for a new technology hub in Birmingham City centre, creating 500 new jobs, that would serve its growing client base in Britain’s West Midlands.
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