Laurence Bain has been deposed as Chief Executive of Premier Farnell.
The move follows last month’s announcement of slowing sales, a 10% year on year profit slump and a review of the Group’s operations.
He will be replaced on an interim basis by Chief Financial Officer Mark Whiteling. The company says it has commenced a search process to identify a new CEO with both internal and external candidates to be considered.
Val Gooding, Chairman of Premier Farnell, said:
“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.
“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.
“On behalf of the Board, I would like to thank Laurence for his commitment and dedication to Premier Farnell and we wish him every success for the future.”
Premier Farnell will want to move fast in making an appointment. A new Chief Executive will surely want some input into the strategy review.
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