Phoenix IT Group has named Stephen Vaughan as the Group's Chief Executive Officer with immediate effect.
Peter Bertram, Executive Chairman, will resume his previous role of Non-Executive Chairman from 1 April 2014.
Vaughan, aged 53, has over 30 years of experience in the technology sector. During a 14 year career with EDS (UK) Ltd, he held a number of senior executive roles.
He was subsequently CEO of Synstar plc from 2001 to 2005, where he implemented a major change programme culminating in the acquisition of the business by Hewlett Packard.
In his position as CEO of Communisis plc from 2006 until 2010, Steve successfully launched a new strategy which gave rise to a significant turnaround in the company's performance. From July 2013 to February 2014, Steve was Chairman of Charteris plc and led its successful sale to French group Sword through an agreed cash offer.
The Group also announces today its intention to place 7,547,934 new ordinary shares of 1p each in the capital of the Company at a price of 114 pence per Placing Share representing approximately 9.99 per cent of the Company's existing issued share capital.
The Placing will raise approximately £8.6 million and will be used to accelerate debt reduction and to maintain balance sheet strength and flexibility.
Peter Bertram, Executive Chairman of Phoenix IT Group, said: "Steve has a great deal of experience in the technology sector. His strong track record and industry knowledge will be of great value to the Group."
Vaughan added: "Phoenix has a strong portfolio of service offerings, great staff and an excellent client base. I am looking forward to taking the ompany into its next stage of development."