|
Friday 9th October 2009 |
Text too small? |
Apple reseller and school IT supplier Renaissance Corporation is losing its managing director and finance director following the company's failure to meet performance expectations.
Both resigning executives are long-serving employees. Paul Johnston has been managing director since 2003 and a board member since 2000, while Clive Lews has been finance director since 1998. They will leave their roles in December 2009 and January 2010 respectively.
In August, Renaissance announced a $280,000 half-year profit to June 30, down 87% on the same period a year earlier, amid very difficult trading conditions, and with much riding on the results of the traditionally busy December quarter to improve full year earnings.
"The recent results for the company have not met expectations and therefore I believed the right thing to do was tender my resignation to the board," said Johnston." The staff, management, board and shareholders have been incredibly supportive and it's been a privilege working at Renaissance over the last 12 years."
Renaissance shares fell 8.3% to 22 cents in trading late this afternoon, and have fallen 46% in the last 12 months on trading of 104,000 shares, three times normal daily turnover.
Businesswire.co.nz
No comments yet
UPDATE Renaissance to lay off up to 15 workers in store closures, sees gains in full-service retailing
Renaissance says 2013 earnings will be 'disappointing'
Renaissance posts first-half loss on shrinking margins from Apple products, impairment
Renaissance hires strategic adviser, cites low stock price
Renaissance takes legal action against Exeed
Renaissance's CEO Rendell accepts new position
Renaissance settles business sale, breaches banking covenant
Renaissance sells IT distribution unit to Exeed
Renaissance loss worse than forecast, flags possible capital raising
Renaissance shares surge on distribution unit approach
