Troubled accounting and financial planning consolidatorStockfordyesterday appointed Chris Riordan as its new chairman.
The appointment follows the announcement two weeks ago that former chairman, Brian Clayton, would not continue in the position after Stockford reported an after tax loss of $123.8 million for the full year to 30 June, 2002.
Riordan, who is described by Stockford as a “corporate turn-around specialist”, was the chairman of fruit processing group SPC between 1995 and 2002.
Riordan says the challenges confronting Stockford, which announced a $104.5 million write down in the value of its goodwill earlier this month, are significant.
“There is no doubt that since its ASX listing, Stockford’s performance has been totally unacceptable,” Riordan says.
Riordan will be Stockford’s third chairman in a year, with Clayton only taking up the role last October following the retirement of the then chairman, Peter Hall.
