August 24, 2007

Troubled times at Photo-Me International: yesterday saw a news report about the mounting pressure from shareholders on Photo-Me’s bosses to resign; apparently, the pressure was too much for chairman Vernon Sankey and chief executive Serge Crasnianski to bear, and today, they have been forced to resign.

According to the BBC, two of the investment companies that own a sufficient chunk of the company have been unhappy with management for some time.

…Principle Capital and Cycladic said they felt that progress with the sale and other aspects of a strategic review launched last year was insufficient.

They accused Mr Sankey and Mr Crasnianski of “operational mismanagement” and noted a “long history of poorly managing investor expectations.”

As we’ve said before, time will tell what effect these changes have on the world of public photobooths, which are just one aspect of Photo-Me’s business.

Brian | 8:50 am | In the News

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