14th Aug 2015 10:50
LONDON (Alliance News) - Premier Farnell PLC Friday said it has appointed Chief Financial Officer Mark Whiteling to the role of interim chief executive to replace Laurence Bain, who has stepped down.
The electronic products distribution and servicing company said it has begun a search process to identify a permanent chief executive, and in the meantime Whiteling's responsibilities as CFO have been transferred to a team led by Steven Webb, general counsel and company secretary.
"Laurence has been a director of the company since 2003 and chief executive for the last three years. During his time as CEO Laurence has led the company's transformation to a web-based business, developed a global operating model and management structure, and introduced an innovative and differentiating strategy," Chairman Val Gooding said in a statement.
"However, whilst these initiatives provide a solid platform for the future, the company's recent results have been disappointing, and the board has concluded that the time is right for a change of leadership," he added.
Shares in Premier Farnell were trading up 1.4% at 136.40 pence Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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