Bauernfeind quits Xchanging following US takeover

DAVID BAUERNFEIND is stepping down as chief financial officer of Xchanging as part of boardroom clear-out after the UK company, which provides software and outsourcing services for insurers, accepted a takeover offer from US rival Computer Sciences Corporation.

In an update on the 190p share takeover offer, Xchanging said it expects to delist from the London Stock Exchange on June 6, while a string of board directors have resigned with effect from 5 May 2016.

Bauernfeind notified the board of his intention to leave, but will remain with the company for around a month to manage the handover to CSC, and and will leave on the delisting of Xchanging becoming effective.

Geoff Unwin, the departing chairman of Xchanging, said: “I would like to take this opportunity to thank David for all his work at Xchanging since joining the group in 2001, and especially as group CFO since June 2011. The board wishes him all the best for the future.”