The CEO of Cancom has unexpectedly handed in his resignation due to disagreements over the German reseller's future.
Thomas Volk will prematurely depart the company on 31 January due to what Cancom describes as "differing opinions on the future strategic development of the company".
The company's supervisory board will replace the outgoing CEO with COO and member of the executive board Rudolf Hotter as of 1 February. Volk's duties will however be split between Hotter and the firm's CFO Thomas Stark.
"The supervisory board thanks Mr. Volk for his work and his services to the company and wishes him personally all the best," Cancom said in a statement.
Cancom's share price fell by 9.5 per cent overnight to €47.70 as news of Volk's resignation emerged.
Volk took the reins of the company some 15 months ago (in October 2018) after CEO of 26 years, Klaus Weinmann, stepped down.
Rumours emerged in September that Cancom was weighing options for a sale - with reseller giants CDW, NTT and Bechtle in the frame as buyers. Cancom did not comment on the rumours at the time.
The outgoing CEO's tenure at Cancom saw the reseller and MSP leap into the Irish market through its acquisition of Northern Ireland-based MSP Novosco last October for €80m.
Volk has also built out Cancom's own channel of partners for its software solution called AHP.
The Munich-based firm has continued to post stellar financials under Volk's leadership, with its results for the first nine months of 2019 revealing a 22 per cent revenue jump to €1.18bn, while profits leapt by 19.9 per cent to 98.3m. The firm's share price rocketed by 90 per cent over the course of 2019.
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