(Alliance News) - MJ Hudson Group PLC on Wednesday said Matthew Hudson has quit as chief executive officer, effective immediately, days after the company's auditor resigned citing "lost trust and confidence" in management.
Hudson has led the asset-management consulting company since founding it as a specialist law firm in 2010. He is resigning as CEO due to "events of the last few months", the company said, but will remain a significant shareholder.
Hudson holds a 24.8% stake in the MJ Hudson, according to a stock exchange filing back in August.
On Monday, MJ Hudson said its auditor, Ernst & Young LLP, had resigned with immediate effect on Friday last week, less than 18 months after being appointed.
The letter of resignation from EY said: "We are ceasing to hold office because we have lost trust and confidence in the company's management and those charged with governance, and in their ability, along with your finance team, to provide us with accurate and reliable information for audit."
EY became responsible for the MJ Hudson audit in 2021.
Consequently, MJ Hudson said it believes that finalising its financial 2022 reports will "take some time" as it commences a search for a new auditor.
MJ Hudson added it has completed the initial process of seeking interest from potential buyers of some or all of its business units. "It is pleased to confirm that there have been a number of encouraging initial bids for all of the business units, as well as bids for individual business units, divisions and combinations thereof, from credible potential acquirers," the company said.
MJ Hudson's shares were suspended from trading in December after the company was made "aware of…issues, including in relation to the reporting of historical trading of the business in relation to [fiscal year] 2022, the full impact of which is unclear."
By Tom Waite, Alliance News editor
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