Glasgow-headquartered cloud computing firm iomart has announced a change in leadership as Reece Donovan, who has served as the company’s chief executive officer since March 2020, announced he will be stepping down with immediate effect, with executive chair, Lucy Dimes, moving in to the role in Donovan’s wake.

A statement published on iomart’s site, read: ‘The Board of iomart (AIM: IOM), the cloud computing company, announces that Reece Donovan will be stepping down as Chief Executive Officer and leaving the Company with immediate effect. Reece joined the Board as Chief Operating Officer in March 2020 and became Chief Executive Officer in September 2020.

The Board would like to thank Reece for all his work in transitioning the business through the COVID-19 pandemic and energy crisis while helping to reposition iomart’s managed service offering within the broader hybrid cloud marketplace.

Lucy Dimes, executive chair, will become chief executive officer on a full-time basis, with immediate effect. A search for a new chair will commence in due course.

The company will announce its scheduled Trading Update for the 6 months ended 30 September 2023 in October 2023.”

Back in June, the Scottish cloud computing firm agreed to acquire the whole of Extrinsica Global Holdings limited, a Microsoft Azure cloud solutions provider.

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The initial consideration for the acquisition was £4m, with a potential further £0.3m available if key targets were hit during the year.

Of the initial consideration, £2m was to be be satisfied in shares in iomart, and the other £2m will be paid in cash.

The acquisition also included a further £4m to £7m of contingent earn-out payments which are calculated based on Extrinsica’s profitability for the 12 months ending 31 March 2024.