Irish internet security firm Baltimore Technologies has appointed a new chief executive, whose task will be to revive the business.
Mr Bijan Khezri, a non-executive director with the group, will replace interim chief executive Mr Paul Sanders. Former chief executive Mr Fran Rooney had resigned in July.
Baltimore has been hit hard by the tech slowdown, and has seen its share price tumble by 98 per cent in the past year.
The internet security firm fell out of the London Stock Exchange's Footsie 250 in August.
The group hopes to sell off a series of non-core assets in a bid to raise cash, and Mr Khezri says the disposal programme is "well under way".
The group announced in August that 220 jobs would go as part of a restructuring programme. Mr Khezri says he does not expect any more cuts, and he's confident of riding out the economic uncertainty.
Meanwhile Baltimore today reported third-quarter revenues of £15 million sterling - down from £16.5 million in the previous quarter.
Its cash balance as of September 30th was £32.4 million. Baltimore said demand for its security technology was underpinned by deals with customers worldwide including Bundesamt fur Informatik und Telekommunikation (Swiss Government), Australian Tax Office, Tradelink, Verizon Communications and Chase Manhattan Bank.
Shares in the company rose 4 per cent in early trading on London markets, rising ½p to 14½p.
PA