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27 April, 2021 - 22:52 By Tony Quested

AVEVA stock plummets as change of CEO is unveiled

Cambridge industrial and engineering software giant AVEVA saw its UK share price plunge 171p – 4.38 per cent – after revealing that CEO Craig Hayman was leaving this summer to return to the US for personal reasons. He will leave after the AGM in July.

Peter Herweck will be seconded from Schneider Electric on request of the AVEVA Board to the CEO role with effect from May 1 of this year.

During his three-year tenure, Hayman has overseen the successful integration following the combination with the Schneider Electric industrial software business, the progress of the group to a FTSE50 position, and the completion of the acquisition of OSIsoft. 

Herweck, who is currently executive VP, Industrial Automation of Schneider Electric, has over 30 years of experience in automation, digitalisation and industrial software and his experience – not just with Schneider Electric but previously with Mitsubishi and Siemens – will be invaluable as AVEVA integrates the business of OSIsoft and continues its ambitious growth strategy, chairman Philip Aiken said.

AVEVA also issued its usual trading statement for the 12 months ended March 31 which it said “indicates a performance that was in-line with AVEVA’s plan for the year.” It reported solid growth in second-half revenue.
On a standalone organic constant currency basis, AVEVA achieved double digit revenue growth during the second half of the year. 

This resulted in full year revenue being flat year-on-year, on the same basis, reflecting the disruption related to the COVID-19 crisis during the first half. AVEVA will announce its full year results on May 25 and will hold a Capital Markets Day on July 1, at which it will provide new targets.

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