Fuse 8 doesn't expect to take legal action against Hunter following Fuse8 departure
It is unlikely that the investigation launched by Fuse8 into its now departed CEO will lead to any legal action, the agency has said.
CEO Nigel Hunter has stepped down at the agency after he failed to provide an updated review of the company’s performance and an estimate of performance for the remainder of the year, alongside the discovery of ‘other issues’ that lead to an internal investigation being launched.
Hunter is said to have offered his resignation last week.
Asked whether the investigation could lead to a prosecution, non-executive director Jeremy Middleton commented: "I would very much doubt that it would lead to legal action.”
“An announcement following the investigation is likely to be made, certainly within a couple of weeks,” added Middleton who also revealed that co-directors Mark Walton and Andy Hutchinson would fulfil Hunter’s duties as CEO in the short term.
Fuse8 announced to the stock market earlier today that its financial performance was expected to below expectations for the first six months of 2011, and that it was ‘not confident’ that it would achieve its forecasts for the year.