PracticeAccounting FirmsTenon chairman resigns

Tenon chairman resigns

Beleaguered accountancy consolidator Tenon suffered another setback as it announcing the surprise resignation of its chairman Eric Stobart.

Link: Tenon shares hit new low

Stobart, who has been non-executive chairman since the company floated in April 2002, resigned late Friday afternoon with immediate effect ‘due to the pressure of other business commitments. He will be replaced on a temporary basis by Alan McFetrich, deputy chairman.

The chartered accountant is currently serving as senior group adviser at Lloyds TSB and is also a non-executive director of MJ Gleeson. Stobart was one of the original board appointed upon Tenon’s flotation.

His replacement McFetrich, also a chartered accountant, spent most of his career as managing partner of Coopers & Lybrand (now PricewaterhouseCoopers). He retired in 1996, but is currently a consultant to Tenon.

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