CRC suspends CEO pending investigation

The man who held the position of chief executive and finance director at
mobile phone repairer CRC has been suspended pending an investigation into the
disposal of some of the company’s stock.

The suspension of Christopher Matthews was made public as CRC yesterday
issued a profits warning and said it was looking into the ‘wrongful disposal of
stock held on behalf of customers’.

Patrick Thompson, chairman of the company’s audit committee takes over as CFO
while David Ryan, non-executive chairman, becomes executive chairman. Jan
Astrand, an independent director, takes on the acting chief executive’s post.

CRC said that publication of its accounts for 2005 would be delayed while the
investigation takes place.

The need for further investigation means that there will inevitably be a
delay in publication of the group’s accounts relating to 2005, there are no
other matters delaying the publication of those results, CRC said

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