Softcat chief Martin Hellawell defends move to become chairman

The boss of FTSE 250 IT firm Softcat today defended against concerns about poor corporate governance on moving to the chairman’s seat after 11 years as chief executive.

The move from chief executive to chairman goes against recommendations in the corporate governance code, which is not mandatory but requires companies to explain the decision.

“We think this is the best thing to do for the company and for shareholders. I do have a lot of experience in this sector,” Martin Hellawell said.

“We respect the code and take that very seriously but we think we have a very good explanation and the reaction from shareholders this morning has been very supportive.”

Hellawell said he only made the decision last night. “I always question my existence and what I’m doing on this planet,” he added.

“I’m feeling great at the moment and really good about the business but I know if I carry on at this pace now I’m getting a bit older I will hit a wall.”

News of the move by highly rated Hellawell’s caused Softcat shares to fall 4% to 439.38p.