ALBEMARLE & Bond has now seen its board of directors halve in two months after four more directors stood down yesterday.
Albemarle issued a profit warning last week saying that market expectations for its financial year are too optimistic, due in part to the company’s failure to publish its 2013 annual report because of current uncertainties around the business.
Departing non-executive directors Robin Ashton, Tracey Graham, Sterling Brinkley and Tom Roberts will join John Farrell who left the board in October, leaving just three executives and two non-executive directors on the board.
“I would like to thank Robin, Tracey, Sterling and Tom for their significant and much appreciated contribution to our board,” said Albemarle & Bond chairman Greville Nicholls.
Brinkley, Roberts and Farrell were all representatives of EZCorp, the firm’s largest shareholder with a 30 per cent stake, on the board
City A.M. understands that the company has not yet decided to replace the departing members.