BusinessCompany NewsTorex ousts chief exec and chairman, as firms called in

Torex ousts chief exec and chairman, as firms called in

Deloitte and KPMG drafted in at embattled software provider as LSE and SFO investigations continue

Torex Retail, the under-fire software business has launched a boardroom
clearout in a bid to spark a revival of its fortunes.

The move claimed the scalps of chief exec Chris Moore and chairman Neil
Mitchell after the
company engaged Deloitte in
an advisory capacity and
KPMG were called in by
Royal Bank of Scotland, Torex’s bankers, to conduct a review.

Iain Lynam from consultants
Aaronite
Partners
 has been appointed to lead the restructuring with principal
responsibility for all day-to-day executive matters. In addition, the board has
appointed a committee which includes Torex’s finance director Marcus Leek to
carry on the management of the company.

The Serious Fraud Office
and the London Stock Exchange have launched separate investigations and its
shares on AIM remain suspended until their current troubles have been addressed.

Torex said: ‘Following the appointment of the committee, Mr Christopher Moore
has agreed to step aside as chairman of the company but will carry out such
duties as are required of him.’

It added: ‘In addition, Mr Neil Mitchell has been asked to step down from
executive duties.’

Both will retain their place on the board despite the reshuffle.

Related links:

Torex woes deepen as fraud office launches probe

Torex books may come under KPMG spotlight

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor