Electronics distributor Premier Farnell has removed Laurence Bain as chief executive officer, following “disappointing” recent results.
Mr Bain, who became a director in 2003 and has been in the role of CEO for the past three years at the Leeds-based company, will step down with immediate effect. He will be replaced Mark Whiteling as interim chief executive officer.
Premier Farnell, which is behind the Raspberry Pi computer, said that a search to identify a new CEO had begun and that they will consider both internal and external candidates.
Following Mr Whiteling’s appointment as interim CEO, his chief financial officer responsibilities have been transferred to a team led by Steven Webb, general counsel and company secretary.
Val Gooding, chairman of Premier Farnell, said: “Laurence has been a director of the company since 2003 and chief executive for the last three years. During his time as CEO Laurence has led the company’s transformation to a web-based business, developed a global operating model and management structure, and introduced an innovative and differentiating strategy.
“However, whilst these initiatives provide a solid platform for the future, the company’s recent results have been disappointing and the board has concluded that the time is right for a change of leadership.
“On behalf of the board, I would like to thank Laurence for his commitment and dedication to Premier Farnell and we wish him every success for the future.”
Last month the engineering supply group said it expects a 10 per cent decline in first-half adjusted operating profit after sales growth per day in its main markets slowed in the second quarter.
The Leeds-based firm, which sells products from nozzles for fire hoses and de-icing machines to household soldering guns, had said in June last year it would combine its marketing and distribution businesses to boost performance.
Premier Farnell will announce its half year results on September 17.