BREAKING NEWS: Tenon chief quits
Ian Buckley, chief executive of Tenon, has resigned from the embattled consolidator with immediate effect, the company announced this morning as it warned of imminent losses.
Link: Tenon chairman resigns
The resignation came as the company issued a profit warning, saying that difficult trading conditions had had a greater effect than predicted at the company’s last trading update.
It added: ‘The second half of the 2002 financial year is no longer expected to be profitable and consequently the pre-tax profit before goodwill amortisation and exceptionals for the financial year to 31 December 2002 is likely to be substantially reduced and less than market expectations.’
Buckley will be replaced by finance director Andy Raynor who will become managing director of Tenon. Raynor’s position will be taken up by the group’s financial operations director Tony Atkinson.