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RSM Tenon chairman steps down after three months

RSM Tenon has announced chairman Adrian Martin and deputy chairman Michael Findlay are stepping down from the board after only three months.

Martin was appointed chairman in January 2012, with Findlay as deputy chairman as well as taking on the role of senior independent director. The pair took on their roles following the decision of former chairman Bob Morton and chief executive Andy Raynor to step down.

A stock exchange announcement said Martin will step down once a suitable successor has been found for the role, while Findlay is leaving the firm at the end of May to re-join Bank of America Merrill Lynch.

RSM Tenon chief executive officer Chris Merry says: “I would like to thank both Adrian and Michael for their contribution to the company, and I wish them well in their future endeavours. The process to appoint new Board members is well underway.”

RSM Tenon and its auditors PricewaterhouseCoopers were in a row over the quality of the firm’s auditing earlier this month . At the time the group announced Morton and Raynor’s departure from the firm, RSM Tenon said it was conducting a review which 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 in additional expectations.

According to The Times, this information emerged during due diligence carried out by another auditor on the firm as part of a potential takeover by private equity firm HgCapital in the second half of last year.

In February, RSM Tenon announced it was to cut 10 per cent of jobs as part of a restructuring programme to boost profitability. The restructuring programme was announced after RSM Tenon posted a loss on continuing operations of £70.6m, after an impairment of goodwill of £60.7m, for the last six months of 2011.


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