Tim Hughes leaves Photon Group board

Photon Group co-founder Tim Hughes has quit the troubled company as it continues its efforts to recapitalise.

Hughes had already resigned as executive chairman but has now left the Photon board.

Photon, owner of agencies such as BMF, BWM, Naked and CPR, ran into trouble after an acquisition spree left it with payout liabilities that it cannot meet without more funds.

The company has now renegotiated almost all of those payout liabilities. It remains suspended from the ASX as it enters the final days of its fund-raising efforts.

Comments


  1. RJ
    12 Aug 10
    9:27 am

  2. Is this a sign of a turn around or a guy who knows when to jump ship as it finally sinks?

  3. chris
    12 Aug 10
    11:10 am

  4. feel sorry for the bmf,naked dudes…..will they ever get their payout figures they deserve??

  5. anon
    12 Aug 10
    11:23 am

  6. If i were one of the guys on earnout, I would have made his leaving a condition of signing that agreement.

  7. Friend Of Dorothy
    12 Aug 10
    11:29 am

  8. Chris, I don’t think you have to worry about the financial position of the bmf dudes.

  9. Edwina
    12 Aug 10
    11:39 am

  10. Agree with RJ! So hard to know if this is a positive opportunity for Photon to move forward or if it’s the original rat leaving the sinking ship. Good riddance in any case.

  11. David
    12 Aug 10
    3:59 pm

  12. who wants to fall on a sword?