Graham Lacey recently announced his resignation as CEO.

He will remain a director and president until September, said Bloomberg Business News.

Mr. Lacey made the announcement at the company's annual general meeting held in Bermuda on July 3.

The company did not announce a successor.

The company also announced a 20-1 reverse stock split of common stock, changed the company name to VDC Corporation Ltd., authorised a new series of class A common shares and amended bylaws to appointment of certain directors of a period of up to three years.

The company also approved a proposal effecting amendments to bylaws in connection with directorships.

"We are in the process of carefully examining a number of alternatives that will either supplement or redirect the company's current line of business.

This includes improving existing operations or changing focus and direction of the companies existing business,'' said Mr. Andrew Panzo, new chairman of the board.

Mr. Panzo replaced Mr. Lacey as the company's chairman.

The company, a real estate and mineral interest holding company, is Isle of Man-based.