Speedy Hire (LON:SDY) shares fell 32.5% this morning after it was announced that changes had been made to the Board.

A statement issued today said that: “Mark Rogerson has decided to step down as Chief Executive Officer. Jan Åstrand, who was appointed non-executive Chairman in late-2014, has assumed the role of Executive Chairman and intends to revert to non-executive status at the time of the announcement of HY 2016 results in November 2015. Russell Down, Group Finance Director, has been appointed Chief Executive Officer with immediate effect and will also retain the finance role until a replacement is appointed.”

The company also issued a trading update saying that they had had a slower than expected start to the financial year, ending March 2016. They cited a lack of available equipment during the network optimization programme and a focus on strategic accounts at the expense of SME customers as a reason for this.

Jan Åstrand commented: “This is extremely disappointing. I believe that Speedy remains a fundamentally good business but, whilst some progress has been made over the last year, the remedial action programmes have not been delivered as needed.”

Speedy is the UK’s leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets.