CEO of Bytes Technology Group plc Resigns Amid Share Trading Scandal

  • CEO Neil Murphy resigns from Bytes Technology Group plc amidst undisclosed share trading scandal, violating company disclosure requirements.
  • Sam Mudd appointed interim CEO, bringing extensive experience as Executive Director and Managing Director of Phoenix Software Limited.
  • Company assures shareholders that financial year's trading remains in line with expectations, plans to release trading update in March.

In a surprising turn of events, Neil Murphy, the Chief Executive Officer (CEO) of Bytes Technology Group plc, has tendered his resignation, effective immediately. The resignation comes amidst revelations of undisclosed share trades made by Murphy, in violation of the company’s disclosure requirements.

Undisclosed Trades and Resignation

Murphy, who had been at the helm of the UK and Ireland-based software, security, AI, and cloud services specialist, admitted to the Board that he had conducted several trades in the company’s shares without proper disclosure to the company or the market. This breach of protocol led to Murphy’s decision to step down from his position.

The Board of Bytes Technology Group plc is currently investigating the details of Murphy’s undisclosed trades to ascertain the full extent of the situation. Despite the controversy, it has been confirmed that Murphy’s holding of BTG’s shares stands at 2,890,218, remaining unchanged from the previously disclosed figure on November 28, 2023.

Interim CEO Appointed

Following Murphy’s resignation, the Board swiftly moved to appoint an interim CEO. Sam Mudd, an Executive Director of the Company and the Managing Director of Phoenix Software Limited, has been chosen to take over the role temporarily. Mudd’s extensive experience within the company makes him a natural choice to lead during this transitional period.

Financial Outlook and Trading Update

Despite the upheaval caused by Murphy’s resignation, the company assures shareholders that trading for the financial year ending February 29, 2024, has been in line with expectations set by the Board. A trading update is scheduled to be released in March, following the company’s usual financial reporting calendar.

The sudden departure of Neil Murphy as CEO of Bytes Technology Group plc, coupled with the controversy surrounding undisclosed share trades, has sent shockwaves through the company and its stakeholders. As the investigation unfolds, shareholders await further updates on the company’s financial standing and leadership transition.



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.