Premier Farnell's search for a CEO worries City investors

Premier Farnell’s search for a CEO worries City investors
Richard Wilson
Premier Farnell has disappointed City investors with news that it has yet to find a new chief executive three months after the resignation of Howard Poulson following a profits warning.
Results for 1997 were in line with expectations showing a one per cent increase in pre-tax profits at ?139m. Much of the City’s concern is that until a new CEO is appointed, Premier Farnell, one of the world’s largest component distribution groups, will not be well-placed to develop a strategy to cope with a semiconductor market which is facing a gloomy outlook.
Premier Farnell’s deputy chairman and acting head, Morton Mandel, has said that the search for a CEO was “almost at the shortlist stage”. There are indications that the CEO will be expected to address the shape and organisation of the group’s Anglo-US activities. Sales for the year were ?743.6m, of which 70 per cent comes from the group’s UK and US catalogue distribution businesses.

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