Renaissance managing director Paul Johnston has resigned following the company’s downgrading of its guidance for its full-year profit. On Wednesday, Renaissance announced that it had revised its guidance for the full-year result from a projected $1.7-$2 million to $700,000.
Subsequently, Johnston and Renaissance finance director Clive Lewis tendered their resignation to the Renaissance board, and the board accepted.
Johnston will remain with Renaissance until December 31, and Lewis will depart on January 15.
Johnston says resigning was “the right thing to do” in the wake of the downgraded guidance for the full-year.
“You have expectations – it’s been a tough year, but we could have done better”, he says.
“If you accept accolades when the company’s doing well, you should be prepared to accept responsibility if it hasn’t met expectations.”
Read more at Computerworld.