Getronics' CEO Nana Baffour has left the company amid a global restructure within the Dutch IT services giant.
Baffour entered the Getronics CEO role in August 2017 after his investment firm, Bottega InvestCo, acquired the company from Aurelius. Soon after his appointment, Baffour told CPI that he would "rather own Getronics than a gold mine".
The CEO departs as Getronics announces that it has reached an agreement with its stakeholders to take on new capital investment and undergo "a recapitalisation of the business".
Baffour's departure follows the recent exit of former Getronics CEO and group vice chairman Mark Cook, who has now taken a position as executive officer of Technology Solutions at UK-based outsourcing firm Capita.
The firm's global head of administration, Frank Asante-Kissi, has also left the business.
Getronics has not announced a replacement group CEO of the company.
The Dutch-based IT services giant claims its move to take on new investment will help to "significantly reduce" its debt and kick start initiatives to "drive long-term growth".
"Following a comprehensive review of the company and its prospects, the board of directors determined that recapitalising the business with a new investment and a reduction of our debt will better position the company to deliver long-term value," said board of directors member Sam Humphreys.
"The investment from our existing stakeholders signals confidence in the future of our company and the value we deliver for customers every day."
Getronics made a dramatic return to the US market through its acquisition of MSP giant Pomeroy in 2018. The deal, which was funded through an $815m financing and recapitalisation transaction, effectively doubled Getronics' revenues to $1.3bn.
Pomeroy brand returns to the US
Baffour's departure as group CEO comes alongside a management restructure in its US business. Getronics has announced that Chris Froman, who was CEO of Pomeroy until 2017, will return to lead Getronics' North American operations.
Froman was executive chairman of Pomeroy between 2017 and 2018 up until its sale to Getronics, when he left the business.
Froman's return comes as Getronics relaunches its US business which will see the Pomeroy brand return to the US market. The move marks an apparent U-turn after Getronics scrapped the Pomeroy brand in October last year, when it changed the US MSP's signage, websites and communications across 25 locations in North America to the Getronics colours.
"I am truly excited to be joining my former colleagues, as well as those who have joined since the acquisition by Getronics," said Froman in a statement.
"This is also a great opportunity to reconnect with and return to serving our loyal partners and clients. I appreciate the board of directors' confidence in our mission to re-establish the ‘Pomeroy Way' as we launch the new Pomeroy. We are moving forward as a reenergised organisation with an enhanced focus on supporting clients through innovative services and solutions that deliver sustainable value."
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