New Fishing Republic CEO won't take up role as firm flounders

(Sharecast News) - Fishing Republic updated the market on its new chief executive officer on Wednesday, confirming that Daniel Quinn would no longer be taking up the role.The AIM-traded firm had announced Quinn's appointment on 27 September, however on Tuesday its shares were suspended as a number of major shareholders were no longer willing to provide short-term financial assistance to the group.That stemmed from the serious hit the company took to its sales in its interim results in late September, which the board had put down to "strong competitive pressures"."Daniel Quinn has agreed to assist in assessing options for the business but will not be taking up his role as Chief Executive Officer or joining the Board at this time," Fishing Republic said in its short statement on Wednesday."James Newman will continue in his role as executive chairman until further notice."