Staffline boss steps down after string of profit warnings
The boss of Staffline has stepped down after a year of turmoil for the recruitment firm.
Shares in the business have fallen more than 90% over the past year on the back of four profit warnings, delays to publishing its annual results and the resignation of its auditor.
The firm said that Chris Pullen, who has led the business over the past two years, has handed in his resignation.
It comes just weeks after Staffline issued its latest profit warning, telling investors that its annual adjusted profit will be materially short of prior forecasts.
Mr Pullen will continue leading the firm during his notice period as the firm looks to “maintain business continuity”, it said.
Staffline said it will launch a formal search process immediately to identify its next chief executive officer and will update the market in due course.
The recruitment and training specialist added that its outlook for 2020 is “unchanged” and trading is currently in line with expectations, despite operating in “a competitive environment”.
Staffline said it is in “constructive dialogue with its lenders” and expects to reach revised terms over loans to give it more liquidity headroom.
Tracy Lewis, non-executive chair of Staffline, said: “I would like to thank Chris for his contribution to the business as both chief executive and previously finance director.
“Chris has led the business through very difficult circumstances and we wish him well for the future.
“I look forward to announcing a new CEO in due course.”
Shares slipped further on the back of the resignation news, falling 5.4% to 43.9p in early trading on Thursday.