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Lindsey and three Exchange directors quit board

Exchange FS chairman Paul Lindsey, the mastermind behind the company&#39s management buyout in 1998 and flotation, is quitting as chairman along with three other leading board members.

Finance director David Chislett, sales director Nick Prestwich and managing director of product mark-eting Nigel Phillips are all stepping down.

Lindsey and Prestwich will remain as non-executive directors. Chislett and Phillips will provide strategic advice on a part-time basis.

Lindsey, Phillips and Chislett started The Exchange in 1991. Prestwich joined in 1993. The four led the management buyout in 1998 and float in 1999, taking the share price to the heights of 385p at the end of 1999. But it dropped spectacularly to a low of 12.25p in December 2000. Shares were trading at 19.25p on the announcement this week.

Replacements will be announced early next week and will come from within the group.

Chief executive Ges Whitmore will remain in his position. He joined the group after the acquisition of Crisp Computing in November.

Ex-Misys chairman Jim Gaskin will stay on as strategic development director.

Chief executive Ges Whitmore says: “It suited Paul and Nick to become non-executives and they requested to be released from executive responsibilities. It suited Nigel and David to step aside. We will still have their expertise and experience. We are positioning the business in the best way. We are firmly committed to servicing IFAs and product providers.”

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