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.