Less than one year after joining Titon Holdings (LON: TON) Alexandra French has stepped down as chief executive. This was announced after the market closed and followed Jupiter Investment Management revealing that it has sold its 11.3% stake.
The share price has fallen from 90p to 70p (65p/75p) over the past 12 months. Last September, Rockwood Strategic (LON: RKW) acquired an 8.75% stake in the window ventilators and parts manufacturer and it is the largest shareholder until the fate of the Jupiter stake is known.
Rockwood Strategic may even be the buyer of all or some of these shares. It is an activist investor and may have been involved in the management change.
The announcement says that Alexandra French agreed with the board that she should step down. The search for a replacement will start as soon as possible. A new commercial director joins in May.
Margins are improving, but another small loss is expected in the year to September 2023. Net cash is £1.7m and net tangible assets are £15m. The market capitalisation is £7.9m. This discount to net tangible assets will be one thing that has attracted Rockwood Strategic.