SIG's (SHI) shares plummeted by around 16 per cent after the building materials supplier announced the immediate departure of chief executive Meinie Oldersma and chief financial officer Nick Maddock. They have been respectively replaced by former Patisserie Valerie chief executive Steve Francis and former Vitec (VTC) group finance director Kath Kearney-Croft, who joined SIG in January and is now interim chief financial officer.
Following the changes to its management team, SIG has delayed the release of its full-year 2019 results from 6 March to the second half of April 2020. The company said that its results are expected to meet January guidance of underlying pre-tax profits of around £42m, with trading conditions this year much the same as they were in the last quarter of 2019.
