6th Nov 2015 08:55
LONDON (Alliance News) - Vending machines company Snacktime PLC on Friday said its chief executive has stepped down from the company for personal reasons and said its chief financial officer has now left the business as well.
Snacktime said Mark Stone has stepped down as CEO but will remain with the company until April 2016. Stone will continue to be responsible for the group's Snack in the Box and Drinkmaster businesses, while Sergei Kornienko, a non-executive director, will take on the responsibility for the group's two core vending machine businesses on an interim basis while the group looks for a new chief executive.
In addition, Tim James has now left the company, having stepped down as CFO in September. He had been due to remain with the company until the publication of its full-year results, but as the publication of its accounts for the year to March 2015 remains subject to it completing a refinancing deal which has not closed, he has now left.
Michael Maltby will be interim CFO, having been working with the company as a consultant since May this year.
Snacktime said talks on its refinancing, due to be carried out through an equity issue, are ongoing, and it will make further announcements in due course. The 2015 accounts will be published when the refinancing completes.
"I wish to thank both Mark and Tim for their respective contributions to Snacktime. While progress is being made in many areas, the conclusion of the refinancing negotiations is fundamental to the future of our group," said Jeremy Hamer, Snacktime's chairman.
Snacktime shares remain suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
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