Baker Ernest Adams' chief executive Tony Glass has resigned after less than two years in the job.
Announcing the resignation, chairman Michael O'Neill said a net loss, after tax, was expected for the year to 31 March 1999 on the back of substantially reduced earnings. No dividend wouldbe paid following the announcement of the upcoming company's results.
In the year to March 1998 operating profit before tax was slightly down to $1.32 million from $1.34 million. The downward trend continued in the following six months to September 30 1998 with the company posting a bottom-line profit of $24,000.
Money spent on marketing and fixed costs was increased for the year in an effort to invest in new products and infrastructure for the future, said deputy chairman Keith Jackson.
He said Mr Glass's resignation and the poor performance of the company were unrelated. Mr O'Neill and Mr Jackson would share the chief executive role until a replacement was found.
