Psion finance director is replaced

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The Independent Online
Psion, the hand-held computer maker that abandoned an attempt earlier this year to buyAmstrad, parted company with its finance director yesterday. Mike Langley, who had headed the finance function at Psion for 11 years, is to be replaced "with immediate effect" by his number two, Marina Wyatt.

One analyst described the move yesterday as "brutal realism". He said Mr Langley, who had been with Psion since before its 1988 flotation, had helped grow the company from a pounds 4m business to one now valued at over pounds 300m but had reached the limit of his capabilities.

David Potter, chairman, said the parting had been amicable and promised a better pay-off for Mr Langley than his rolling six-month contract would legally entitle him to. Last year he earned a basic salary of pounds 68,000, boosted by a bonus and other taxable benefits to a total package of pounds 143,000.

Ms Wyatt, an Arthur Andersen trained accountant, was described by Mr Potter yesterday as "a powerhouse." He said Psion's major challenge would be to keep her at the company.

The departure of Mr Langley is the latest growing pain for Psion, which was forced by a leak earlier in the year into admitting it was in talks that might lead to it buying Amstrad.