Shares in listed consolidator RSM Tenon plummeted this week after the firm issued a profit warning and announced the immediate resignations of chief executive Andy Raynor and chairman Bob Morton.
In a trading statement on Monday, RSM Tenon revealed that revenues in the six months to 31 December were approximately 10% lower than the same period in 2010 due to pricing pressure and reduced demand for its services. It also announced that CEO Andy Raynor and chairman Bob Morton were stepping down "with immediate effect".
Adrian Martin, currently deputy chairman and senior independent (non-executive) director, took over as executive chairman. The board appointed Michael Findlay as deputy chairman and brought in former BDO chief executive Jeremy Newman as a consultant. Martin, who has an 8% share in the company, will remain on the board as non-executive director.