PMI‘s Board announced today that its Chairman since 2005, Vernon Sankey, has decided to step down as Chairman and as a Director of the Company with immediate effect, which is six weeks earlier than he had originally proposed. "Notwithstanding the overwhelming support I have received from my colleagues on the Board, I believe that it is in the best interest of shareholders and the Company that the matter of the timing of my resignation be brought to a swift conclusion“, Sankey said. ”I wish the Company, my colleagues and all those who work for Photo-Me every success in the future.”
David Young has unanimously been appointed by the Board as its Chairman, in the interim. He will work closely with PMI‘s CEO Serge Crasnianski to ensure operational stability during the transition period.
Serge Crasnianski,will step down as Chief Executive Officer and as a Director by 30 November 2007, following a smooth transition to his successor. The 65 year old manager has spent 44 years with Group companies, the last 17 as a Director of PMI and as such the architect of PMI in its present form.
A Committee of the Board, under the leadership of Roger Partington and including the Chairman and the other Independent Non-Executive Directors, will manage the selection of a new Chairman and a new Chief Executive Officer and make recommendations to the Board.
A Committee of the Board, under the leadership of Martin Reavley and including the Chairman and the other Independent Non-Executive Directors, will oversee the Strategic Review process that includes the possible sale of the Vending Division and a review of the capital structure and of the distribution policy. Reavley will continue in his role as Senior Independent Non-Executive Director.