Manchester-based cyber security company NCC Group said on Monday it appointed Chris Stone as executive chairman with effect from April 6, 2017.

“It is intended that he will become non executive once a chief executive has been appointed,” said NCC.

Last month, Rob Cotton stepped down as NCC chief executive.

Shares of NCC fell sharply in February after it issued a surprise trading update, initiated a strategic review, and abruptly cancelled a capital markets day for investors.

NCC’s stock market value has plummeted from more than £1 billion to roughly £360 million amid its troubles, according to Bloomberg data.

NCC said Stone is chairman of AIM listed CityFibre plc and has held “various non executive director and chief executive roles of listed and private equity backed technology companies, including being a non executive director of CSR plc from 2012 until its acquisition by Qualcomm in 2015.”

Stone was CEO of Northgate Information Solutions plc, a UK listed company, from 1999 to 2011.

From 2013 to 2016, he was CEO of Radius Worldwide, a provider of software and services to support high growth companies establish and manage international operations. 

NCC senior independent director Debbie Hewitt said: “Chris has excellent credentials and a tremendous track record in the technology sector.

“He brings the necessary leadership skills and capabilities to take this international business forward, covering all aspects of the strategic review.”

Stone said: “I am very excited by the opportunity to help NCC Group re-establish its track record of growth.

“The strong growth drivers in the cyber security and risk mitigation markets, our leading market positions and the deep domain expertise of our people, creates a great platform from which to grow the business.

“I look forward to working with the team to help make that happen.”