RSM Tenon chief executive Andy Raynor and
chairman Bob Morton have resigned following a 10% slump in revenues
in the last six months of 2011.
Former BDO International chief executive
Jeremy Newman has agreed to become a consultant to the firm to help
it improve its performance and financial position.
RSM Tenon, a listed entity on the London Stock
Exchange, reported a 10% decrease in profits in the six months to
31 December 2011 compared to the corresponding period in the
previous year. RSM Tenon said half of its revenue decline is the
result of pricing and similar underlying trading effects.
This is a blow to the firm after annual
results were up 31% to £249m ($394m) in the year to 30 June
Newman stepped down from the BDO International
post in September 2011, stating he wished to pursue a career
outside of professional services.
RSM Tenon deputy chairman and senior
independent non-executive director Adrian Martin has been appointed
executive chairman while a new chief executive is sought.
“The company’s performance is clearly
disappointing and my immediate priority is to instigate and execute
the necessary actions to improve profitability and cash
generation,” Martin said.
The company will announce its interim results
on 29 February 2012.