(By Richard Holway 9.00pm 24th Feb 09) Our post last November – Portrait gets new CEO – had already given news that Luke McKeever was taking over from Nick Randall as CEO at Portrait Software in March 09. However, the announcement today said that Chairman (and good friend) John O’Connell was stepping down as non-exec Chairman with effect from 28th Feb. “in order to have more time to focus on his many other business and charitable interests”.
I would guess John's patience might have run out. He's given it a good bash. The appointment of a new CEO is a real result though. Portrait is yet another example of a company that just shouldn't be on AIM. It is a small company best off either away from the glare of publicity as a private company or, in my view the best option, as part of a larger group. But that view could be repeated for many others. To illustrate this, just try buying (or selling) a few shares in Portrait and see what happens. Crazy.
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