Stanley Gibbons makes CEO, CFO roles redundant

15th Jul 2016 09:03

(ShareCast News) - The chief executive and chief financial officer at stamp and collectibles group Stanley Gibbons have both been made redundant as the company said it was reconsidering the benefits of its off-shore status to reposition itself with more focus on the UK.In a statement, the company said due to the proposed relocation of the key executive positions to the UK, the roles of both chief executive Mike Hall and financial officer Donal Duff would become redundant.Both have stepped down from the board, but both remain "committed to the group and will be available to advise on investment sales and financial reporting respectively for a handover period at least until the conclusion of the audit for the year ended 31 March 2016", Stanley Gibbons said. Harry Wilson, who joined the board earlier this year, will become executive chairman, the company added.Wilson admitted the restructuring of the firm was "unsettling for all concerned with the business"."Whilst there are undoubtedly challenges ahead, at the heart of the business are some of the leading experts in their respective fields together with stock items that are the envy of our competitors the world over. This combination is an excellent platform from which to restore the trading fortunes and reputation of the group," he said.