British industrial software firm Aveva said on Tuesday its chief executive Craig Hayman had decided to quit.
The company announced that Peter Herweck would be seconded from its major shareholder Schneider Electric as his replacement from 1 May.
Following the news, shares in Aveva plummeted by 5.6 per cent as markets opened.
Schneider Electric holds around 60 per cent of Aveva’s issued share capital, since taking the stake in March 2018.
Its chairman, Jean-Pascal Tricoire, thanked Hayman for his contribution to the growth of the FTSE 100 firm.
“As a major shareholder, Schneider Electric would like to thank Craig for his contribution to the successful development of Aveva.
“We remain as committed as ever to Aveva’s independence and model of operation, and look forward to supporting Aveva’s continued value creation journey, especially through its merger with OSIsoft.”
Delivering its full year trading update, Aveva said revenue for the year ended March 2021 was flat on an organic constant currency basis.
This reflected the disruption caused by the pandemic during the first half of the year.
Aveva also said it had completed the acquisition of US tech firm OSIsoft last month, boosting the group’s ability to speed up its digital transformation.
The company will announce its full year results on 25 May, before a Capital Markets Day on 1 July where it will provide new targets.