Two directors of photo booth operator Photo-Me have announced they will step down from their posts following discussions with shareholders.
Chairman Vernon Sankey will not seek re-election at the company’s October AGM and chief executive Serge Crasnianski plans to retire early.
The move comes as Principle Capital and Cycladic, two investment companies that together own 18.2 per cent of the business, air their concerns with the way the company is currently being run.
The decision to step down from their positions by Sankey and Crasnianski will apparently eliminate the need for an extraordinary general meeting, allow the strategic review process to go ahead smoothly and allow the board to make a decision about the sale of the vending division with shareholders’ approval.
