HORNBY’S FINANCE DIRECTOR Andrew Morris is to leave the kit-maker in the summer of 2013.
He will take up a chief executive role at privately owned pharmaceutical business Medreich, where he has served as a non-executive director since 1998.
Hornby has begun the search for his successor.
“Whilst we are sorry to be losing Andrew, we can understand his decision to take the next step in his career to become a CEO,” said Frank Martin, Hornby chief executive. “May I take the opportunity on behalf of the board and my colleagues to thank him for his hard work and for the valuable contribution that he has made to the group. He has our best wishes for the future and I am confident that we will appoint a suitable, high-calibre individual as his replacement.”
Earlier this month, Hornby announced the appointment of chairman designate Roger Canham, succeeding Neil Johnson.
In September Hornby warned that it would not hit its forecasts for the current financial year, with it expecting to make break-even for the year ending 31 March 2013.
Sales of its London 2012 merchandise disappointed. Supplies from China will also be disrupted throughout the rest of the financial year due to changes to manufacturing facilities.
Its shares were trading 1.13p higher in this morning’s trading, at 60.25p
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