London-listed IT firm Kainos has brought back its longstanding chief executive Brendan Mooney just months after his departure in an apparent strategic u-turn.

Mooney, who has worked for Kainos since 1989, stood down as CEO in September 2023. He was replaced by longtime Kainos employee Russell Sloan. Prior to today’s announcement, the company’s shares had fallen by more than a quarter since the start of the year.

Before Mooney stood down, he held the firm’s top role for 22 years, overseeing its 2015 initial public offering on the London Stock Exchange. Kainos did not offer an explanation for Sloan’s abrupt departure.

“I am delighted to be returning to the role of CEO, and I see significant growth opportunities ahead for Kainos,” Mooney said. 

“My time since stepping down as CEO has given me a fresh perspective on Kainos and its potential, and I am looking forward to supporting the team in delivering the next phase of our growth.” 

Though Mooney left the CEO job, he has continued to work with Kainos as an advisor over the past year. 

Kainos shares tumbled by more than 12% in a day in September after the company warned revenues were set to fall short of market expectations. In its most recent half-year results, the firm’s revenues fell by 5% to £183.1m. 

Sloan commented: “It has been a privilege to work with so many talented people over my 25-year career in Kainos and I’m tremendously proud of everything we have achieved and delivered for our clients. My best wishes for the future success of Kainos.” 

The outgoing CEO will not remain at the company, confirming in a LinkedIn post that “the time has come for me to leave Kainos”. 

Sloan joined Kainos in 1999 as a software engineer. Over the next quarter of a century, he held a handful of roles at the firm, before spending just under 15 months as its CEO. 

“We are delighted to welcome Brendan back to the role of CEO. Having overseen a hugely successful period of growth for Kainos, he needs very little introduction to anyone connected with the Group,” added Kainos chair Rosaleen Blair. 

“I would also like to thank Russell for the enormous contribution that he has made to Kainos in his 25 years with the Group.” 

Shares in Kainos rose around 6% on Wednesday morning to 860p following the announced return of Mooney. 

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