PREMIER FARNELL has responded to “disappointing” sales and a slumping share price by removing chief executive Laurence Bain.
The Leeds company had seen its £100m wiped off its value after shares dropped 16% following a trading update on July 29.
The Raspberry Pi manufacturer had told the stock market it expected adjusted operating profit in the first half will be down approximately 10% as sales momentum had “slowed significantly”.
The company, which has 4,500 employees in 36 countries, announced an operational review was underway and the departure of Mr Bain is the first consequence of that.
Premier Farnell chairman Val Gooding said: “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.”
Mr Bain joined Premier Farnell in 2002 and became a director in 2003, taking over as chief executive three years ago. Chief financial officer Mark Whiteling will replace him on an interim basis while the search for a permanent replacement is underway.
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