RSM Tenon chairman and chief exec step down

RSM Tenon chairman Bob Morton and chief executive officer Andy Raynor have both stepped down from their roles at the firm.

Raynor has also stepped down from the board of the firm while Morton will remain as non-executive director.

Adrian Martin, who is deputy chairman and senior independent director at the firm, has been appointed executive chairman of the national firm of accountants and advisers. RSM Tenon has also appointed Michael Findlay as deputy chairman. Findlay will also perform the role of senior independent director.

The announcement comes as RSM Tenon has reported that it expects its revenue in the six months to December 31, 2011 to be down 10 per cent from the corresponding period 12 months earlier. It also expects to report a loss before tax.

RSM Tenon has also revealed it has been carrying out a review of its financial reporting following the appointment of Adrian Gardner as chief financial officer in October 2011. It says this review may lead to restatements of its accounts to June 30, 2011 as a prior year adjustment as well as to incur certain non-recurring, non-cash charges in the six months to December 31, 2011, that were not included inside additional expectations.