The boss of interactive whiteboard specialist Promthean has added to the problems at the firm by deciding now is the time to quit.
Things have been tough at the firm ever since it was floated a couple of years ago and recent figures, whwre it revealed that the UK education market remains a tough environment, have now been followed up by the decision by Jean-Yves Charlier, chief executive since 2007, to walk.
He will leave the firm in October handing over the reigns to Jim Marshall, who is currently running the US operation.
The announcement of the CEo departure accompanied first half results including a £148.3m pre-tax loss and a 23% decline in revenues to £83.2m.
"The education market is facing a major challenge," said Charlier "budgetary pressures are seriously constraining educational spending.”
The firm indicated that it does not see any improvement in market conditions coming anytime soon.
"We are assuming that there will be no improvement in market conditions in the near-term and have already started to streamline our organisation, including establishing a shared support centre in Shenzhen, China. We will now reduce our operating cost base by between 20% and 25% from 2011 levels," added Charlier.