Premier Farnell, which makes the Raspberry Pi mini-computer, has ousted its chief executive, Laurence Bain, following disappointing recent results.
Bain ran the company for the last three years after taking over from Harriet Green, who left to take charge of Thomas Cook. Mark Whiteling, Premier’s chief financial officer, has been appointed as interim chief executive until a permanent successor is found.
Shares in the FTSE 250 company rose 1% to 135.9p on the news. The stock had plunged to a six-year low at the end of July when the electronic components specialist issued a profit warning, triggering speculation that it might become a takeover target.
Sales have slowed sharply, particularly in North America and the UK, and the firm warned that operating profit in the first half would be 10% lower than in the same period last year. It was also hit by supply constraints, as shortages of components held back production of the credit card-sized Raspberry Pi, which costs about £20 and is designed to get young people interested in computer programming.
Premier, which was founded in Leeds in 1996, began a review of its operations in late July. It will reveal the outcome when it publishes half-year figures in September.
Three years ago Premier signed a deal with Sony to manufacture the Raspberry Pi in the UK, at Sony’s factory in Bridgend in Wales. The mini-computer was developed by the non-profit Raspberry Pi Foundation and until then had been manufactured in China.
Val Gooding, Premier’s chairman, said: “During his time as CEO Laurence has led the company’s transformation to a web-based business, developed a global operating model and management structure, and introduced an innovative and differentiating strategy.
“However, whilst these initiatives provide a solid platform for the future, the company’s recent results have been disappointing and the board has concluded that the time is right for a change of leadership.”
A spokesman said Premier has been hit by weaker demand in North America and Europe along with the rest of the sector, including its main listed rival, Oxford-based Electrocomponents.
