Senior managers are leaving as part of a move to abolish the firm’s head office in order to reduce costs.
Marketing director Sarah Henwood has already left the company, while HR director Neil Morgan will leave after helping Tenon through its transition. Morgan will later return on an ad hoc basis, as a consultant.
Recently appointed chief executive Andy Raynor told Accountancy Age the departure of Henwood and Morgan was part of an overhaul aimed at returning Tenon to positive results and regaining investor confidence.
Tenon shareholders at the agm last week heard that the company would abolish its head office in Dover Street, London, to ‘significantly’ reduce costs. It will absorb support functions into existing offices, with its other London base, in Chiltern Street, becoming the ‘principal’ office.
‘We’ve reorganised our marketing and human resource functions, which hands power back to the people in the operating units,’ Raynor said. ‘I’m very pleased with the outcome. Support functions need to sit within the business and be perfectly tuned to it.’
Tenon aims to finalise its restructuring this month. The overall cost will include trading losses of discontinued activities of around £12m.
The company’s shares are trading at around 18.5p after it dropped from a high of 183.5p.
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