SCOTTISH video-over-internet company Indigo Vision has parted ways with chief executive Oliver Vellacott following a boardroom rift, 17 years after he founded the company.
Mr Vellacott, pictured, told The Herald: "I was dismissed by the company. I did not leave voluntarily."
However, chairman Hamish Grossart retorted: "I would not characterise it as a dismissal."
He added: "The board wanted to change the management structure. They offered him an alternative position.
"He didn't fancy that and we decided the only way to conclude the matter was for him to leave but dismissal would be the wrong description."
IndigoVision has appointed Marcus Kneen, the Edinburgh-based company's finance director for the last eight years, as his replacement.
Mr Grossart said Mr Vellacott declined an offer of an executive deputy chairman position.
He said IndigoVision had begun revamping its management processes after "a bit of a problem" towards the end of its last financial year when unexpectedly poor trading saw its shares plunge from around 600p to a low of 160p.
In an effort to turn the company around, Mr Kneen took an increasingly prominent role in the management of the company which has seen its share price bounce back to 282.5p.
"The board felt that it would be appropriate to continue with that professionalisation process and we really wanted to retain Oliver. We think he is a good guy. We wanted to move him upstairs," Mr Grossart said.
"Businesses grow up," he added.
Asked about Mr Vellacott's 22.9% stake, Mr Grossart said: "I hope he will retain it and make a lot of money."
IndigoVision appointed Holly McComb, currently financial controller, as chief financial officer. She joined the business in 2006.
IndigoVision, which has a total workforce of 150 and employs 90 people in Scotland, supplies internet-based CCTV surveillance systems to airports, casinos and government buildings around the world.
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