Cake Box co-founder and CFO Pardip Dass stepped down yesterday after 10 years at the company.
The departure was part of a boardroom shake-up in response to accounting errors which caused its share price to nosedive.
Investors welcomed the news, with shares in the egg-free cake maker soaring 16 per cent yesterday on the FTSE AIM All-Share, rising to 230p at close of play.
It came after shares had plummeted 35 per cent since the identification of “an erroneous £2m entry within the cash flow statement” by a finance blogger in mid-January, alongside historic errors in stock control.
The board has now appointed David Forth as interim chief financial officer, with Dass leaving his position by the end of March.
Forth has over twenty years’ experience in senior finance roles across the consumer, retail and logistics industries, including most recently as interim finance director at AB Sugar.
Cake Box also appointed Richard Zivkovic as its new COO from June.
The company said its results for the financial year were on track despite the recent controversy.