Troubled FX technology company Fair Trading Technology has experienced the exodus of a number of key executives recently, running counter to the company’s plans a year ago, when it employed a Chief Human Resources Officer whose remit was to expand the talent base in order to increase the firm’s global footprint.
The latest development in this direction occurred very quietly on Wednesday last week, when information held by the British government’s Companies House relating to company directorships was brought to LeapRate’s attention which included full details of the termination of Fair Trading Technology CEO Tim Haman’s directorship of the company’s Bristol-based UK division, which is located in the city’s newly redeveloped Temple Quay business district.
The company had relocated its UK facility to the prestigious Bristol development in mid 2013 from its previous registered address in a residential neighborhood in High Wycombe, Buckinghamshire.
Mr. Haman is a co-founder of Fair Trading Technology, which has its main operations in Uddevalla, Sweden, and had held the position of CEO since 2008, as well as having held the simultaneous position of CTO and co-founder of associated consultancy Add More Value for two years, a company regarding which LeapRate broke the news of the consultancy’s recent declaration of bankruptcy in Sweden.
Today, Fair Trading Technology confirmed that Mr. Haman has not only terminated his directorship of the UK operations, but has indeed stepped down from his position as CEO of the entire company as a result of a decision which was taken jointly by the board and Mr Haman as the firm is moving its focus towards its business-to-business operations.
According to Fair Trading Technology, Mr. Haman will continue to contribute toward the direction of the firm in the capacity of senior adviser, with Chairman of the Board Sven-Erick Carlsson explaining that “Mr. Haman has played a pivotal role in building and growing this company to what it is today. While it is never easy to see a co-founder leave it is not uncommon as a company matures and the timing is right.”
“Mr. Haman and the board has taken this decision jointly.”
While the board is searching for a new CEO, the group will be under interim management by board member, Mr Bo Rydlinger.
Mr Rydlinger has a banking background and has worked for both SEB and Swedbank. Mr Rydlinger has extensive experience from FX and Interest Rate trading as Head of Trading in Capital Markets at SEB, Luxembourg.
The contraction of the company’s business has become apparent recently, with its New York operations having been closed last year, and talks with a potential Swedish investor having not yet progressed into an actual inflow of capital. The company was involved in the purchase of iPhorex previous to its attempt to restructure, the transaction of which was lengthy and in some respects, acrimonious.