Dieno George and Graham Collyer were the only remaining executive directors on the board during the period currently being investigated by KPMG forensic accounting for overstated sales and profits. The makers of Marigold gloves and Durex condoms said on Wednesday their resignations were accepted by the board with immediate affect.
SSL is also undergoing an internal review into £63m worth of excess stock purchased by customers which could cost the company £50m.
During this period, George was acting chief executive for one week after Iain Cater was asked to step down, returning to his role of managing director when Brian Buchanan was hired to head SSL. Graham Collyer was the group’s technical director.
George and Collyer issued a joint statement saying: ‘In view of the announcement made by the company on 24 May 2001 into apparently overstated sales and profits, we feel that it may be in the best interests of the company and its stakeholders that we now leave. There can be no question of impropriety on our part, and we will be negotiating appropriate termination arrangements in due course.’
Chief executive Buchanan said: ‘I understand why Dieno and Graham feel they need to take this action. Under the circumstances, it is appropriate. Interim solutions are already well advanced in order that any impact on the business is minimised.
‘There is a strong team below board level, and I am confident that they will rise to the challenge,’ he added.
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up