Cancom's CEO Thomas Volk (pictured) has walked out of the company after a disagreement with the board over strategy at the rapidly expanding Munich-headquartered cloud services firm.
The company said: “CEO Thomas Volk has today reached an agreement with the supervisory board to leave the Cancom Group prematurely as of 31 January 2020, due to differing opinions on the future strategic development of the company.
“The supervisory board thanks Mr Volk for his work and his services to the company and wishes him personally all the best.”
The company has appointed Rudolf Hotter, a long-standing member of the executive board and currently COO, as its new CEO with effect as of 1 February 2020. As Volk is now physically not around at the company, Cancom added it had allocated tasks assigned to Volk to both Hotter and fellow board member and CFO Thomas Stark “for the time being”.
After the news broke the company's share price dipped, but it has now recovered. Volk only became CEO in October 2018, after previous incumbent Klaus Weinmann stepped down after 26 years at the top.
Rumours emerged last autumn that Cancom could well be up for sale, with the likes of CDW, NTT and Bechtle all reportedly circling, but the company has never commented on the speculation.
Cancom re-entered the UK market in 2018 after it acquired OCSL, and it acquired Irish MSP Novosco for around £70m last year.
