US Edition The 66-year-old former nuclear physicist, who founded Photo-Me fore-runner KIS when he was 21 years old, led the group as chief executive between 1998 and 2007 before he was ousted by shareholders. Yesterday he rejoined the board as a non-executive director. Many believe an executive appointment could soon follow.
Mr Crasnianski's appointment is the latest chapter in a colourful corporate history. At the height of the dotcom boom the company's shares went as high as 435p on the back of a joint venture with BT that promised to turn its booths into mini entertainment destinations complete with internet access.
The shares peaked at 435p in December 2000, but have since collapsed to 15.5p – falling a further 14pc yesterday on news of Mr Crasnianski's appointment.
Last month Mr Crasnianski, a 22pc shareholder, forced the resignation of the chairman and two non-executive directors. The chief executive, has also announced that he is to stand down.
Photo-Me issued the latest of a string of profits warnings in February predicting annual pre-tax loss of between £3.5m and £5.5m for the year to April 30.