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Thursday 10 June 2021

Parity loses its head – again!

logoLittle over two years after taking the helm at once FTSE-250 listed and now AIM-listed veteran IT staff agency Parity, it was announced yesterday afternoon that Matthew Bayfield has exited the business ‘with immediate effect’. Non-exec chairman Mark Braund will keep the CEO seat warm, wishing Bayfield ‘the best’ in his future endeavours.

Bayfield was previously head of Parity’s undernourished consulting unit – a role he took on when he joined Parity in June 2018. He was promoted to CEO in February 2019 in a board change that unexpectedly saw incumbent CEO, Alan Rommel, become Parity’s COO, a newly minted role (see Changing of the guard at Parity) i. Somewhat less than unexpectedly, Rommel jumped ship a couple of months later (see More board changes at Parity). Rommel was a Parity ‘lifer’, originally joining staffing firm CSS Trident when it was acquired by Parity back in 1995.

Braund himself is a Parity newbie. He took up the chair when John Conoley stepped down in April 2021 after four years in post. Braund is currently Executive Chairman of the specialist cleaning, hygiene and decontamination company React Group. He previously held the position of CEO at RedstoneConnect, a provider of technology and services for smart buildings and commercial spaces, a role he controversially (IMO) took on back in 2015 after resigning from once AIM-listed multi-brand, UK IT staff agency InterQuest (see InterQuest CEO defects to ‘night job’).

As for the numbers – wherein always lies the truth – you should read my post Parity returns to OP parity – but gross margin paucity.

Parity was founded in 1993 by IT industry legend Philip Swinstead along with Paul Davies. Swinstead left Parity in 2000 due to ill health but returned twice in later years ‘to save the business’ (his words). I am not expecting yet another encore.

Posted by: Anthony Miller at 08:40

Tags: recruitment   management   leadership  

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