Riddick to leave MDA

Entrepreneur Mark Riddick is to leave MDA and is being replaced with immediate effect by Stuart Pearce as managing director.

Riddick will stay on as consultant after he formally leaves the business at the end of the year.

MDA in the UK and Europe is part of a Canadian-owned giant, MacDonald, Dettwiler and Associates. The UK operation owns Home Information Pack and personal search businesses, including SearchFlow, which Riddick started, built up from a one-man band and sold to MDA three years ago.

Shares in the Vancouver listed company recently fell 10% after the company warned its third-quarter earnings – due to be announced towards the end of this month ¬– will be lower due to the housing and lending environment in the UK.

MDA said at the time of its profits warning that it was planning to restructure its UK business.

However, Riddick is leaving entirely of his own accord and the mooted restructure is unconnected with his departure.

He said: “I take great satisfaction in being part of the MDA team that has delivered significant growth and profit in the UK. However, after transitioning SearchFlow into the MDA family, I had always presumed that my future career would lie outside of a corporate environment.”

Pearce said: “When he leaves, Mark will carry with him our very best wishes.”