THE finance chief of Premier Farnell has been appointed as interim boss of the FTSE 250 electronics distributor, after it ousted CEO Laurence Bain following disappointing recent results.
Bain, who took over from Harriet Green more than three years ago when she left to run Thomas Cook, was ousted by Premier Farnell’s board in response to “disappointing” sales and a slumping share price.
CFO Mark Whiteling has taken over as interim CEO with immediate effect. His CFO responsibilities have been transferred to a team led by Steven Webb, general counsel and company secretary.
Whiteling served as Premier Farnell’s chief financial officer from 2006 to 2011, before rejoining the company in 2012 in an expanded role. From August 2011 to November 2012 he was CFO of Autobar Limited.
The Raspberry Pi manufacturer had seen £100m wiped off its value after its shares plunged to a six-year low in the wake of a July profit warning. The company warned that operating profit in the first half would be 10% lower than in the same period last year.
A search process to identify a CEO has been initiated, which will evaluate both internal and external candidates.
Val Gooding, chairman of Premier Farnell, said: “The company’s recent results have been disappointing and the board has concluded that the time is right for a change of leadership.”