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Thorntons boss Mike Davies is heading for the door, but a successor is lined up and is likely to be announced shortly.
Chairman John von Spreckelsen says talks with the new man — or woman — are well progressed.
Acting chief executive Mark Robson will return to his old role as finance director of the chocolate maker.
Davies's replacement will arrive at a business facing some difficulties. It issued a profit warning in May and has seen its share price lose a third in the last six months.
Higher raw material costs mean margins are being squeezed.
Today it unveiled sales for the year to June of £214 million, the same as the previous 12 months.
Profit slipped 2.4% to £6.1 million. The stock tumbled 5p to 80p as the City chewed over the figures.
Thorntons's 600 stores saw a 3.6% slip in revenues.
The company cut its net debt to £26 million during the year and maintained its total dividend at 6.05p.
Reader views (1)
At the time of the Cadburys bid the Standards comments pages were full of consumers yearning for a British chocolate maker to support. Thortons are 100% British, why dont they proclaim this on every box, packet and shop?
- alan, England., 08/09/2010 13:00
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