Isoft chief technology officer steps down

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Ravi Kumar, chief technology officer at iSoft, is to leave the struggling software group and will not be replaced.

The software designer was instrumental in developing Lorenzo, key part of the UK government’s £12.4bn overhaul of the National Health Service’s IT systems, which has been plagued by delays and cost overruns.

Mr Kumar, who is leaving by mutual consent, was part of the original team at KPMG from which Isoft was formed in 1998.

The company said his position would not be replaced as Isoft prepares to deliver the NHS IT project.

His departure will leave the company with just three executive directors and follows a shake-up of the board in recent months. Bill Henry, chief operating officer, was promoted to the board at the start of the year after being brought in from a US technology company. The others are; Gavin James, finance director, and John Weston, who became acting chief executive as well as non-executive chairman after co-founder Steve Graham was fired earlier this year following the discovery of accounting regularities.

Mr Kumar, who was part of the management buy-out team at KPMG that formed Isoft 1998, will recieve a year’s full pay of £250,000, plus pension entitlements. He also owns 885,298 shares and options priced at between £1 and £3.

The shares, which started the week below 40p, were unchanged at 50p in early trading on Friday.

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