LONDON (ShareCast) - Serge Crasnianski is to take over as interim boss at photo booth operator Photo-Me International until the company finds a permanent replacement for Thierry Barel.
Barel, who announced his resignation from the role
of chief executive officer (CEO) on 11 March, is leaving to become chief operations officer of French firm
Faively SA.
Photo-Me said the search for a new CEO is well advanced.
Temporary boss Crasnianski was appointed as deputy chairman of the company yesterday having returned to the board as a non-executive director on 6 May.
He previously served on the board from 1990 until 2007 including a spell from 1998 to 2007 as CEO, and is the company’s largest shareholder with a 22.2% holding.
In a separate announcement the company said it made a reported pre-tax loss on continuing operations of £5.1m in the year to 30 April 2009, after taking a £6.7m hit for exceptional charges, comprising £5.5m impairment charges and £1.2m of restructuring costs.
In the preceding year the company made a pre-tax loss of £20.9m after exceptional charges of £14.6m.
Revenue grew from £193.5m to £210.5m but declined by 5% on a constant currency basis.
Net debt during the year virtually halved to £23.5m from £45.6m the year before and the board is confident indebtedness will be reduced further in the current financial year.
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