Xaar chief quits as losses escalate

News by

03 July 2003

Xaar chief executive Jan Fineman has abruptly resigned from the firm as it announced that it would make greater losses in the first half of the year than it had predicted.

In April the firm announced that a combination of the SARS epidemic and the modification and replacement of some XJ500 printheads had between them cost 1.2m, and would push it into the red on static sales of 14m.

In an effort to control costs the firm made an undisclosed number of redundancies in the second quarter in order to bring costs into line with current trading levels.

Fineman has been replaced as chief executive by operations director Ian Dinwoodie. Group finance director Nigel Berry has also been appointed as deputy chief executive.

Fineman told PrintWeek his sudden departure was not linked to the firms financial position. He said he was taking a couple of months to go travelling and then looking at new business ideas. He wouldnt be drawn on what area they would be, but said: Print is an interesting industry and it is a small world.

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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration. We are all still left unable to claim the redundancy and notice pay owed..."