Market leading insight for tax experts
View online issue

Press watch: RSM Tenon

printer Mail

‘RSM Tenon warned lower revenue would push it into a first-half pre-tax loss as it unveiled a set of management changes to drive a turnround at the accountancy company.

‘The company said Bob Morton and Andy Raynor, chairman and chief executive respectively, had stepped down from their positions “with immediate effect”, with Adrian Martin, deputy chairman, now interim chief executive until a replacement is found. Mr Martin has also been appointed executive chairman.

‘While stressing that it was reviewing what action would be taken, the board changes would mean “a new approach,” said Mr Martin who added the departures had been voluntary. “This is day one, we’ve got a lot of work to do,” he said.

‘The company expects revenue in the six months to December 31 2011 to be about 10% lower compared with the same period in 2010, when it was £120m.’

Financial Times, 24 January 2012