LONDON (Alliance News) - Quarto Group Inc Thursday said Non-Executive Director Bob Morley sold GBP2.5 million worth of shares as he leaves the company he co-founded.
Morley sold 1.0 million shares at 246 pence each on March 24, and now holds 380,624 shares, or 1.9% stake in Quarto.
The company said Morley confirmed his intention is to retain his remaining shares as an investment and he is stepping down from his role as a non-executive, effective immediately.
Morley's departure comes after 40 years with the business and follows a period of strategic change since 2012.
"Quarto's 40th anniversary seems a fitting time for me to step down from the board. As one of the founder directors, presiding over Quarto's growth from a three-man band to one of the world's leading illustrated book publishers has been both exhilarating and fulfilling... The company is clearly going from strength to strength under the new management team, and I shall retain a percentage of my shareholding as a private investor for the foreseeable future." Morley said.
Shares in the publisher were down 1.0% at 255.00p Thursday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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