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Published on: 2/8/2006
Last Visited: 5/21/2007
Jon Richards, the first-class mathematician who was running an IT
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Jon Richards, the first-class mathematician who was running an IT company at 25 and retired - for the first time - at 40.
At the age of just 25, just four years after graduating from university with a first in mathematics, Jon Richards was given his first management job - as managing director.It was to be the first of many.Indeed by the time he was 40, when most executives are taking their first tentative steps in the boardroom, Richards was retiring - at least temporarily.
Swooped up by GEC on graduation with a first in mathematics, Richards started his career as a programmer 'not a very good one either,' he says. 'I never enjoyed it much.I was much better at fixing other people's bugs than writing my own code,' he confesses.
But life in the vast GEC was, says Richards, stultifying.After two years he was looking around when a small ad in the trade press caught his eye. 'It was for a small company - Miles 33 - and it seemed to be everything that GEC was not.
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His business acumen was spotted and when the owner decided to take a back seat in the company, it was Richards to whom he turned. 'I was given charge of the company.My job was to grow the company at 50% compound.' And he did.The company grew from strength to strength, through the old Unlisted Securities Market through to full listing.
But as the PC grew Richards' demanding growth targets became increasingly challenging and eventually the company was sold to UEI Plc.
At the age of 29 Richards joined the board of £100m+ public company.
'I was very much the junior boy, but coming from the IT industry, that was sort of accepted.' It was to be a formative experience.From the relatively benign atmosphere of Miles 33, the board of UEI was riven with internal politics. 'There were a lot of powerful voices in that board room'.
Eventually UEI itself was bought by Carlton, and briefly Richards found himself on their board.It lasted six weeks before he found himself out of a job.Richards, along with three colleagues were approached by Warburgs [merchant bank] to help rescue the ailing Cray Electronics Plc.
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Richards left Cray and for two years did, well, just about nothing. 'And I loved doing it.
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For Richards the chairman's role is two fold - one to support and mentor the CEO, the other to run the boardroom itself. 'A good chairman is able to bring the talents of the board to a focus.
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When it comes to running the board, Richards is scathing of directors who take the pay, but don't do the work. 'I don't want people who are going to turn up for the meeting, not having read the [discussion] papers.A board meeting where people just sit around talking without achieving anything is just wasting time.A board needs to concentrate on the things that concern it.Being presented with a list of sales prospects and talking through them is the job of management, not the board.'
Richards has only one anomaly on his very impressive CV.He spent three years as chairman of the old National Council for Educational Technology (now BECTA) reporting to the education minister. 'I learned there is no place for me in politics', he laughed., 'It was an exercise in abstract chairing, keeping the great and the good in line.