RSM bosses quit as loss looms
The chairman and chief executive of RSM Tenon are to step down after a "clearly disappointing" trading period.
The company said it will post a 10 per cent fall in revenue in the six months to 31 December 2011 compared to the same period last year.
The majority of RSM's profit is usually made in the second half of the year, but it expects to post a pre-tax loss for the period following "increased sensitivity to pricing", despite a "good pipeline" of work.
Chairman Bob Morton and chief executive officer Andy Raynor have stepped down from their positions, with deputy chairman Adrian Martin taking on the role of executive chairman.
Martin said: "The company's performance is clearly disappointing and my immediate priority is to instigate and execute the necessary actions to improve profitability and cash generation. RSM Tenon has a strong market position and client base, as well as dedicated and loyal employees.
"The board remains confident of the future prospects for the company and that a successful turnaround can be delivered."
The company expects to release interim results on 29 February 2012.
