MFI chief quits after profit alert
Wednesday 24 February 1999
An announcement issued as the stock market closed said that John Randall had resigned as chief executive with immediate effect, following a warning that group sales in the second half are currently 14 per cent below last year. He is being replaced by John Hancock, the head of WH Smith's businesses in America and an MFI non-executive.
The departure of Mr Randall, 53, ends a 20-year career with the company which saw him net a fortune from the management buyout of the business in 1987 and its subsequent flotation in 1992. He leaves with a payoff of pounds 300,000, the equivalent to one year's pay. Derek Hunt, who was due to retire as chairman later this year, will now stay on to oversee the integration of the new chief executive.
John Hancock, who was a candidate for the chief executive job at WH Smith taken by Richard Handover, played tribute to Mr Randall's contribution at MFI. But he said the board had unanimously decided a change was needed: "The company needed a new pair of eyes," he said.
The latest warning will fuel the takeover speculation surrounding MFI. It announced interim losses of pounds 26m in December following heavy re-structuring charges. The company has been closing in-store warehouses and moving to a central distribution system.
South Korea ferry passengers who were told to stay put 'got trapped' aboard sinking ship
Undertaker dead hoax: WWE legend not 'found dead in home' as Facebook and Twitter reports
Are beards attractive? Ryan Gosling says yes, but science says no. Take the A-list facial hair challenge and find out who's right
Oscar Pistorius trial: Defence witness 'unqualified' to testify
Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
- 2 Big Bang Theory to get special Star Wars episode with help from Lucasfilm
- 3 Babies cry at night to stop mothers procreating, scientists claim
- 4 Pharrell Williams 'Happy': British Muslims dance to song in video
- 5 24 people applied for the 'world's toughest job', here are their interviews
iJobs Money & Business
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...
£40000 - £50000 per annum + BONUS + BENEFITS: Harrington Starr: A leading, Cit...
£35000 - £50000 per annum + Bonus + Benefits: Pro-Recruitment Group: You must ...