CBT, the educational software company, has announced that its chairman Mr Bill McCabe is stepping down to be replaced by the current president and chief executive officer, Mr James Buckley, with immediate effect.

Mr McCabe, who has been the company's chairman since 1992, will remain a non-executive member of the CBT board while focusing on a small number of other business interests. Among his other interests is Knowledge Well which he founded and provides interactive education products for adults seeking career advancement.

Mr McCabe joined CBT in 1987 and served as chief executive officer from 1991 to 1996. Over the last year, he has also sold shares in CBT worth some $39.4 million.

Mr Buckley was appointed president and chief operations officer in December 1996. He joined CBT from Apple Computers where he held the positions of senior vice president and president of Apple Americas, Apple's largest sales and marketing organisation.

CBT, which employs 450 people in its Dublin operations and 1,175 worldwide, has recorded 14 straight quarters of positive earnings growth. Mr Buckley said the company plans to continue to build on its core business of computer-based training while also seeking suitable and synergistic acquisitions around the world.

However, CBT, which is listed on NASDAQ, has no plans to list on the Irish Stock Exchange, although Mr Buckley said it was something the group constantly evaluated.

The firm's seven-member board will now be made up of four non-executive directors and three executive directors, including Mr Richard Okumoto who has been named senior vice president finance and has just been appointed to the board.