Morning folks,
Today we have a profit warning from Shoe Zone (LON:SHOE) and an update from Gear4music that is in line with expectations. We also have results from Clipper Logistics (LON:CLG)
After that, I may look at a few stories that I missed earlier in the week.
Cheers
Graham
Shoe Zone (LON:SHOE)
Share price: 134p (-30%)No. of shares: 50 millionMarket cap: £67 millionBoard changes and trading update
The 30% fall in share price today looks reasonable after a dire update.
The CEO has tendered his resignation, “in order to leave Shoe Zone and pursue other business interests”. He leaves immediately.
I always hate seeing an abrupt departure like this. To me, it suggests that there was a falling out or some other sort of conflict at the top of the company. If you’re leaving a company you care about, and if you’ve done a good job as CEO, why wouldn’t some form of transition be arranged, some period of time in which the company can think about finding a replacement?
The two brothers who have managed Shoe Zone together for the past 20 years…
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