DiGiCo Management from left to right: David Webster, Helen Culleton, John Stadius, James Gordon. United Kingdom (August 8, 2007)--Last month saw DiGiCo embark on one of its most interesting efforts yet; it didn’t launch a console or announce a new technology, but rather achieved a management buyout of the company, putting its long-term future in the hands of the people who have steered it to its present course.
“The MBO started around June last year,” explained marketing director David Webster to Pro Sound News. “The main reason for it was that a fair amount of shareholding was held by founder members who were in it more for financial return than audio or technology advancement. Therefore, the management team decided that it would be far better to put the shareholding in the hands of the people that have got us to where we are in just five years. This wil enable us to take DiGiCo to the next level.”
Among those people are the new management team, comprised of chief executive Bob Doyle, managing director James Gordon, marketing director David Webster, technical director John Stadius and company secretary Helen Culleton. DiGiCo will be putting a share incentive scheme in place for its employees, about which Gordon remarked, “We have a lot of staff that work 24/7 for the benefit of this company and they will now be able to share in the success with us fully.”
Having taken over the mantle of Managing Director from Doyle in January, this was Gordon’s first significant project in the role. “We’ve always been a reactive and pro active company that understands the market place we’re in,” said Gordon. “However, when you have external investors, there is a need to explain the ins and outs of decision making processes and that can slow things down. The management buyout removes that requirement and means we can focus more of our time on doing what we do best, making us an even more agile and focussed company.”
Webster added, “As the key employees now have a stake in the company and a say in what we do. I am sure the customers will notice the difference with this extra motivation that combines with our already extremely passionate, supportive and loyal team..”
“Lots of companies evolve as we did,” adds Doyle. “It was necessary to introduce shareholders into the mix to make the initial purchase of the company back in 2002. But now, those whose hard work over the last five years has enabled the company to reach a position to where a buyout was a reality, need to be rewarded with equity ownership so that we can take things to the next stage in company development and growth.”
“I’m extremely excited that the team of people I’ve been working closely with for a long time are now truly part of the company,” concludes Webster. “This is the second step in the plan for our long term future. What’s round the corner? I’m sure you can make a guess, but we’re not telling right now!”