Hitchcock stands down as chairman of troubled Hat Pin
05 March 2008
Troubled executive search business Hat Pin, said today that Terry Hitchcock had stepped down as chairman and as a director of the company with immediate effect.
The move follows news last month of accounting errors at one of Hat Pin’s subsidiaries, which subsequently led to a suspension of trading in the company’s shares on AIM. That suspension is still in force.
At that time, Hitchcock, who was appointed by the company two and a half years ago, moved from non-executive chairman to executive chairman.
Following his departure, Bob Morton has been appointed as non-executive chairman. Morton is a chartered accountant, successful entrepreneur and has substantial public company experience.
He is currently chairman of a number of public companies, including Armour Group plc, Servoca plc, Tenon Group plc and St Peter Port Capital Ltd.
Problems at Hat Pin stem from accounting irregularities uncovered ahead of the company’s 2007 preliminary results. It said those finding would cause its results to be “materially worse” than previously indicated. The company had already warned that profits were likely to be around 25% below market expectations.
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