16th Sep 2015 08:18
LONDON (Alliance News) - Car manuals company Haynes Publishing Group PLC on Wednesday said its long-time chief executive is to step down next year, coming after the company said last week that it would post a "material" non-cash loss for the full year.
Haynes said Eric Oakley, its chief executive for 35 years, will retire at the end of March 2016. Haynes did not provide any further details on the search for a successor.
Last week, Haynes said it would book a non-cash impairment charge related to its operations in the US, which would push it to a "material" non-cash loss for the full year to the end of May.
The company said that its year-to-date operating performance in its HaynesPro and Haynes UK businesses is satisfactory, whilst its US business is trading below expectations. It plans to launch an operational and cost review into the wider group.
Shares in Haynes were untraded Wednesday, having last traded at 110.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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