Kainos Shares Gain as Company Reappoints Brendan Mooney as CEO

UK-based IT services and software provider Kainos Group (LON: KNOS) saw its shares surge over 6% on Wednesday following the announcement of Brendan Mooney's reappointment as Chief Executive Officer.

The stock is currently trading around the 854p per share mark. It initially hit a high of 884p a share earlier in the session.

Mooney, who led the company for 22 years before stepping down in September 2023, will replace Russell Sloan, who departs with immediate effect.

Under Mooney's previous tenure, Kainos experienced substantial growth, including its successful IPO in 2015 and its transformation into an international business with operations in over 20 countries.

Chair Rosaleen Blair highlighted Mooney's unmatched knowledge of Kainos and its strategic opportunities.

“Having overseen a hugely successful period of growth for Kainos, he [Brendan Mooney] needs very little introduction to anyone connected with the Group,” said Blair. “Brendan's knowledge of the Group, its challenges and opportunities is unsurpassed and we look forward to a clear focus on a return to growth.”

The leadership change has not altered Kainos's trading expectations for the year ending 31 March 2025, as confirmed by the Board.

Outgoing CEO Russell Sloan is a 25-year Kainos veteran, with the company acknowledging he played a key role in its evolution from a small private firm to a major IT player.

Reflecting on his tenure, Sloan said, “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.”

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