Alterian turns to Davies to lead company
Marketing technology services provider Alterian has hired Heath Davies as CEO and Phil Cartmell as non-executive chairman. Both will begin work at the UK-based company September 5.
Davies will replace David Eldridge, who resigned in April when the company warned investors that revenue would fall 10% below market expectations for the fiscal year ending March 31.
Iain Johnston, who has run the firm's day-to-day operations since Eldridge's resignation, will remain on the company's board. Joseph Fuller, COO of Alterian, declined to reveal Johnston's future role at the company.
Davies worked at Sword Group, an international software and services business, from 2002 to 2010. He served as the company's CEO, COO and managing director during that time.
“When [Davies] joined Sword Group, its revenue was in line with what ours is now,” said Fuller. “He grew them to $260 million. We think he will be a tremendous leader who can get us to that point.”
Cartmell currently serves as executive chairman of Corac Group, a technology business that develops compressors and electronics for the oil and gas industry. He has worked there since 2009. Cartmell will replace Alterian non-executive chairman Keith Hamill, who will retire September 5.
Davies and Cartmell will also join the nine-member Alterian board immediately.
Alterian revenue decreased from $53.3 million in the 2010 fiscal year, which ended March 31 of that year, to $52 million in the 2011 fiscal year, which concluded a year later. The company had predicted that revenue for the year ending March 31, 2011, would fall between $59.7 million and $62.6 million.
At the time of the earnings announcement, Haya Herbert-Burns, an Alterian spokesperson, said the revenue reduction was the result of the deferral of a licensing contract with an unnamed company.
Fuller would not say whether the contract deferral is resolved. An Alterian earnings outlook is scheduled for July 14.
Alterian's client roster includes Domino's Pizza, Jaguar Cars and BBC.