Suspended iSoft co-founder removed from board

Co-founder of iSoft, Steve Graham, who was suspended from his post as commercial director in August last year after an initial investigation into accounting irregularities, has been removed from his place on the board.

An announcement from the troubled healthcare IT software firm yesterday, said: “The company is today announcing that Steve Graham has been removed as a director and has ceased to be an employee of iSoft.”

An iSoft spokesman said that company would not be replacing Graham in short term. Asked about compensation for loss of office, he said: “We are not paying any compensation.”

Graham remains an iSoft shareholder.

iSoft holds contracts for supplying major healthcare IT systems in three of the five English regions covered by the National Programme for IT. Delays in delivering systems lie at the heart of the company’s problems which have seen its share price plunge from over £4 to yesterday’s closing price of 35.75p.

In recent months, rumours of an imminent acquisition of the company by various potential buyers have circulated but not yet come to fruition.