Sarin steps down at Numerica
Peter Jenkins has made the move from finance director to chief executive at consolidator Numerica after it was announced that Tony Sarin would be stepping down as of today.
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The move came as the AIM-listed group announced that its second-half results for the year would be as weak as those posted in the first half.
The company posted a pre-tax loss of £0.3m for the first six months of the financial year and said that the second half results ‘will not be significantly different’.
Sarin however will stay on at the company in the role of non-executive director. Financial controller Adrian Colman will take the role of acting finance director.
‘Our performance in the current financial year is clearly disappointing,’ said chairman Christopher McCann. ‘The Board’s response has been to implement a vigorous cost-cutting programme and to create a flexible remuneration structure, which should benefit both our shareholders and our senior staff.’
The remuneration system will be achieved by the introduction of a limited liability partnership structure and will benefit client service directors and support department heads.
The partnership will consist of up to 80 individual partners and a wholly-owned Numerica subsidiary. The LLP will comprise all the mains areas of the group, apart from financial services, practice track and pass training, although these will remain in the group.
Any profits will be distributed between the partners, but with a fixed percentage share going to Numerica first. The change is expected to happen by July.