(Alliance News) - SEC SpA on Thursday said Rhydian Bankes will not become chief financial officer when the firm combines with Porta Communications PLC.
Bankes' departure was announced August 9 and is effective from November. He will therefore not become CFO of the combined group when it is admitted to AIM.
Italian public relations and advocacy firm SEC is to pay GBP4.5 million in its all-share takeover of Porta, agreed in June and set to complete September 3.
SEC's current finance chief, Anna Milito, will be made interim CFO of the combined group with another announcement to follow "in due course".
Shares in Porta were untraded at 0.45 pence on Thursday afternoon and are currently in a bid situation condition.
