institutional shareholders in McDonnell Information Services, the computer software group, are angry that it has taken four months for the company to accede to demands to force the resignation of Ian Knox, the finance director.
"Almost all the large shareholders wanted him replaced in September," one shareholder said last week. "The lack of financial controls at the company has been alarming," he alleged.
Mr Knox resigned last week after MDIS announced its second profits warning in four months. This knocked 32p - about 30 per cent of the company's value - off the share price, taking it to 74p.
A source close to the company said MDIS had started interviewing candidates for Mr Knox's position through headhunters around four months ago, but a decision to part company had to be delayed until year-end accounts were completed.
A spokesman denied there had been a lack of financial controls or that management were not of the highest calibre. "There have been a few problems with delayed orders and projected business not coming up to expectations, but this company is still successful and still making profits," he said. …