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(Alliance News) - RWS Holdings PLC on Thursday said its chief executive officer has informed the board of his intention to resign, with the company currently anticipating his departure in early 2025.
The Buckinghamshire, England-based technology-enabled language services provider said Ian El-Mokadem has decided to step down to pursue the next stage of his career.
It is expected that El-Mokadem will remain with RWS until early 2025, the company said, to ensure an orderly transition.
RWS said the board will begin the search for a successor "immediately". It said further updates will be provided in "due course".
"There will be plenty of time to thank Ian properly when he leaves but we are grateful for his leadership of RWS during a pivotal time for the business and its industry. He, and our broader leadership team, have made considerable progress in line with the group's strategy, strengthening its position for the future," said Chair Julie Southern.
"It is testament to his commitment to the group that he remains fully focussed on the business while allowing ample time for a smooth succession."
Outgoing CEO El-Mokadem commented: "I am proud of what we have achieved over the past few years. We have brought RWS and SDL together, shaped our purpose and values, launched a refreshed range of solutions, invested in a more efficient platform for future growth and created a more unified culture.
"Having achieved a great deal, this is an appropriate time to make this announcement so that an orderly succession process can take place."
Shares in RWS closed down 3.3% to 183.85 pence each in London on Thursday.
Last month, RWS said it was holding out for a revenue boost in the second half, as it expects to see both profit and revenue fall when it posts interim results in June.
For the six months ended March 31, the Buckinghamshire, England-based technology-enabled language services provider expects to post reported revenue of GBP350 million, down 4% from GBP366.3 million a year prior.
Adjusted pretax profit is expected to be GBP45 million, down 17% from GBP54 million. The firm said this reflected, amongst other factors, a "weaker performance in some parts of our higher margin businesses".
Looking ahead, RWS said that it expects revenue to improve in the second half. However, delivery of full-year expectations remains dependent on the firm's business initiatives and artificial intelligence offerings.
By Greg Rosenvinge, Alliance News senior reporter
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