Baltimore Technologies chief financial officer Mr Paul Sanders will take over as interim chief executive following the resignation this morning of Mr Fran Rooney, also the company's founder.
In a move that is seen by analysts as an attempt to restore confidence in the Internet security company, Mr Rooney announced his resignation this morning following the collapse of Baltimore share prices.
New interim CEO Mr Sanders has said the key priority for the moment is restructuring.
"The major restructuring programme announced last week is central to this process and we will update the market with details when we announce our second-quarter results in August," he said.
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Mr Fran Rooney
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Last week, share prices in Baltimore, which provides security systems for e-commerce businesses, fell by 30 per cent following the announcement that radical restructuring, including further from the 1,400 workforce, were needed to keep the company afloat.
Following the announcement of Mr Rooney’s resignation, Baltimore Technologies chairman Mr Peter Morgan said: "Fran Rooney built Baltimore Technologies into a global leader in e-security, and through acquisitions and continuous product innovation the company now provides one of the most extensive ranges of e-security products, services and solutions in the world.
"On behalf of the board, I would like to thank Fran for his contribution to the company and wish him the very best in the future."
Mr Rooney said: "As CEO of Baltimore Technologies, I am proud to have successfully overseen the development of the company into a leading global e-security business.
"The company is now entering a new phase of development and faces fresh challenges. After five years with Baltimore, I have decided to pursue other interests which include board positions that have been offered to me. These include a role as chairman of an e-learning company and involvement with a range of other companies."
Apart from Mr Rooney’s resignation the Baltimore board has announced two new appointments to be effective from July 12th.
Mr David Guyatt, founder and former CEO of Content Technologies, which was acquired by Baltimore last year, joins the board as a non-executive director. Mr Bijan Khezri, a director of Baltimore Technologies from 1998 to 2000, has also been appointed as a non-executive director.