Internet company boss Michael Williams, who resigned as chief executive of Eynsham-based Freecom.net, left the company with more than 500,000 after selling shares, writes Sarah Parker.

The company will be renamed Systems Union Group and Paul Coleman, currently the group's finance director, will take over.

Bodo Heiss, a member of the board of directors, has also resigned and will leave with immediate effect. Mr Williams and Mr Heiss are to work together to pursue new business opportunities.

The share price of the company soared by 16.16 per cent following Mr William's departure and he netted 570,000 after the sale of a million shares. The company has a turnover in excess of 70m, of which 20m is recurring revenue. It employs 1,200 staff worldwide.

Freecom.net said that Mr Williams' resignation was on amicable terms and signalled that the company had "reached its established phase."

Bob Morton, chairman of Freecom.net, said: "Michael and Bodo have made a very valuable contribution to the development of the group and we are grateful for all their hard work. We wish them both well for the future."

When the company floated on the Alternative Investment Market of the London Stock Exchange at the end of last year, it was aiming to raise 12.5m, but in fact achieved an overall valuation of 35m.

The firm, formerly known as Just Results and based in Stanton Harcourt Road in Eynsham, was founded in 1990 by Michael and Caroline Williams.