Outdated boardroom structure will hamper UK ebusiness

Despite a superficial acceptance of the new economy, most UK companies have not taken the step of employing an exclusive new economy director.

Venture development company Credo, has revealed this reticence to restructure the traditional boardroom and reports that only two per cent of old economy companies listed in the UK's top 250 have appointed a new economy director.

According to Chris Molloy, director of Credo, this is likely to hold back the development of an efficient ecommerce culture in the UK and raises concerns that the UK is not positioned to keep apace with rapidly developing high-tech business models.

He said: "Very few UK corporations view the new economy as a strategic business issue. The application of digital technologies will revolutionise the way markets function, businesses work and individuals interact. But by the time the majority of UK boardrooms wake up to the fact it will be too late."