Grant Walker quits as chairman of Carlyle’s CMC Networks
Grant Walker has stepped down as chairman of CMC Networks, just over a year after the largest private equity company in the world bought control.
Walker will remain what the company calls “a considerable shareholder” in CMC Networks, in which the Carlyle group’s Sub-Sahara Africa Fund bought a controlling stake for $100 million in February 2017.
Walker said: “I have taken great pride in building and seeing this business grow over the last 30 years and I am very pleased to have worked with Carlyle and the management team so I can step down as chairman with the comfort of a successful transition.”
At the time of the acquisition Walker said: “This investment by Carlyle will accelerate CMC’s growth through greater investments into new partnerships and acquisitions.” However CMC has not announced any news on its website since the Carlyle acquisition. Carlyle has not announced a replacement for Walker.
CMC Networks said that it has “embarked on a number of changes” that are aimed at strengthening its ability to better serve its clients and broadening its service offer. “As a result, the business is in good shape and poised for growth, ensuring a smooth transition.”
CEO Martin Springer, who joined the company three years ago after three years at BT Global Services, said: “Grant has given all of us at CMC, as well as our many suppliers and customers, opportunities that might never have been realised. He can look back on his time at CMC with pride, and importantly, we will ensure that he can also be proud of the company’s future.”
Walker, who remains a non-executive director, said: “I would like to thank the management team and all staff members whose efforts over many years made the company what it is today. I enjoyed the journey and CMC will always have my full support.”