One of the north’s most successful ever tech CEOs is back in charge of the software firm he led for 22 years.
Brendan Mooney has been re-appointed as group chief executive of Belfast-based Kainos, with incumbent Russell Sloan standing down with immediate effect.
The decision was announced to the markets on Wednesday morning.
Originally joining Kainos in as a trainee software engineer in 1989, Brendan Mooney rose to become its chief executive in 2001, helping make it one of the most successful businesses to ever emerge in Northern Ireland.
In 2015, he oversaw the company’s IPO (initial public offering), at the time valuing Kainos at around £161 million.
By the time he announced his plans to step down in June 2023, the company was valued at just under £1.7 billion, employing around 3,000 people worldwide.
Russell Sloan took over in at the end of September 2023 after 24 years working his way up through the software company.
While Kainos has remained a hugely profitable enterprise, the company last month reported a drop in revenue and bookings in the six months to September 30.
The group’s share value has trended downward over the past year, recently falling to its lowest level for 4.5 years.
Brendan Mooney remains the largest individual shareholder of Kainos Group plc, holding just over 6%.
Kainos' share price rose by 7% in early trading on Thursday following the announcement.
In a statement, Mr Mooney said he was “delighted” to be returning as CEO.
“I see significant growth opportunities ahead for Kainos,” he said.
“My time since stepping down as CEO has given me a fresh perspective on Kainos and its potential, and I am looking forward to supporting the team in delivering the next phase of our growth.”
Commenting on the reappointment, Rosaleen Blair, who chairs the Kainos board, said: “We are delighted to welcome Brendan back to the role of CEO.
“Having overseen a hugely successful period of growth for Kainos, he needs very little introduction to anyone connected with the group.
“Brendan’s knowledge of the group, its challenges and opportunities is unsurpassed and we look forward to a clear focus on a return to growth.”
The board chair added that Russell Sloan had made an enormous contribution in his 25 years with Kainos.
“He played a key role in the development of Kainos. In his time with the business, it went from a small private company to an international business operating in over 20 countries.
“He leaves with our gratitude and respect and we wish him every success in the future.”
Russell Sloan said: “It has been a privilege to work with so many talented people over my 25 year career in Kainos and I’m tremendously proud of everything we have achieved and delivered for our clients.
“My best wishes for the future success of Kainos.”
