Photo-Me names new boss
Photo-booths operator Photo-Me International has finally named a new boss after bowing to shareholder pressure to remove chief executive Serge Crasnianski.
Thierry Barel, who has been in charge of the group's minilab manufacturing business since April, will take over from Crasnianski.
The company has been under attack from activist investors over a strategic review it began a year ago.
Crasnianski was one of the directors the activists had wanted to vote off the board. The company abandoned the sale of its vending business earlier this year because of 'turbulence in the debt markets'.
The division, which operates photobooths and children's rides, was expected to fetch £240m, more than the market capitalisation of the whole group, and give shareholders a substantial return of cash. PMI hopes to concentrate on its other two main businesses - minilab and wholesale lab manufacturing.
The minilab manufacturing business recently renewed for a third year its contract with CVS, the largest retail pharmacy in the US, for the exclusive supply of minilabs.
The vending business has been struggling with a weak market, high site-owner commissions and what the company describes as 'the unsettling effect' of the board upheaval.
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