Torex ousts chief exec and chairman, as firms called in

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
 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

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