PracticeAccounting FirmsMorton doesn’t want chair

Morton doesn't want chair

Bob Morton, the entrepreneur connected to the acquisition of nearly one fifth of the stock in troubled consolidator Tenon, has said he is not seeking to become chairman at the company.

Link: Headaches grow at Tenon

Southwind, Morton’s family investment vehicle, has purchased 17.3% of Tenon’s stock since its share price tumbled to record lows.

Morton is chairman at seven other companies where either he or Southwind own a substantial shareholding. ‘I’m too busy,’ said Morton. ‘Southwind has stocks in other companies and I’m not on the board of those.’

But Southwind’s involvement has increased speculation about Tenon’s future because Morton was a partner at Morton Thornton, one of the four founding firms of rival consolidator Vantis.

Morton has pointed out neither he nor Southwind have holdings in Vantis.

With results due on 26 March Tenon’s future remains uncertain. Over the past few weeks, the company has seen its chairman resign, a profits warning issued and chief executive Ian Buckley has also left. His departure was a blow for Tenon. He was the founder and was largely responsible for creating the consolidator model.

Morton’s involvement has prompted speculation and gossip about Vantis and Tenon, but Andy Raynor, new chief executive at the beleaguered consolidator, is focusing on the results due at the end of next month.

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