Softcat said Graeme Watt would become chairman in August
Softcat has been accused of acting like an ‘old boys club’ after promoting its chief executive to chairman.
The software seller said Graeme Watt would become chairman in August next year, succeeding Martin Hellawell.
The move breaks the UK Governance Code set out by the Financial Reporting Council which says the same person should not be chief executive and chairman of a firm.
It is the second time Softcat has broken the code – Hellawell himself became chairman in 2018 after being chief executive.
A spokesman for Softcat acknowledged its decision was not in line with the code but the board was ‘unanimous’ that Watt’s ‘deep knowledge of the business, Softcat’s culture and its markets made him the ideal candidate’.
But analysts said the company should widen its search, adding that the appointments resembled an ‘old boys’ club’.
Neil Wilson, analyst at Markets, said: ‘I’m surprised a tech company thinks this is acceptable any more.’
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