West Midlands software firm Misys yesterday unveiled major board changes - separating the roles of chairman and chief executive.
The Evesham-based group, which employs 6,000 worldwide, said it had appointed Sir Dominic Cadbury, a senior independent director, as nonexecutive chairman with immediate effect.
However, Kevin Lomax will continue as chief executive and the board's nomination committee will shortly begin the search for Sir Dominic's long-term successor as nonexecutive chairman, a process which will be led by Sir Dominic and which is expected to take some months.
The City had been putting heavy pressure on the company to act, with Mr Lomax under fire for the business's recent poor performance.
As a result of the changes, John Ormerod will serve as both senior independent director and audit committee chair.
Sir Dominic said: "I am delighted to step up to the chairmanship for this period.
"This will increase my daytoday involvement in Misys and enable me to provide full support to Kevin Lomax and his team as they work to develop the full potential of the business and create value for shareholders.
"Misys has great opportunities in the banking and healthcare software markets.
"The board believes that continued investment in the company's strong position in both these markets over the long term is the best way to create value for shareholders."
Mr Lomax added: "'The separation of my roles now is right for Misys.
"I am fully committed to the business and focused on delivering our strategy, building on our strong position in our core markets and growing the business further."
In September Misys warned of a big drop in first-half earnings and said it was not certain the shortfall would be made up in the second half.
It blamed its banking division for the performance, saying the business was likely to be hit by delays in recognising revenues and by increased investment on product development and on expanding its professional services business.
Misys, which also has a healthcare division, said that as contracts became larger and more complex, the timing of their signing became less predictable.