Raj Naran said he was leaving the Brisbane-based lab testing group citing family reasons. He has run the company for six years and led a significant expansion.
Shares in ALS, the Brisbane-based testing and certification company, fell almost 4 per cent on Tuesday after its CEO, Raj Naran, abruptly quit citing family reasons weeks before the end of the financial year.ALS’s departing CEO Raj Naran in Brisbane.“While I now need to spend time with my family, I will remain available to assist the board and management team to ensure a smooth transition to a new CEO in the months ahead,” Mr Naran, 61, said in a statement.
Shares in the company dropped 9 per cent after the resignation was disclosed. Still, by market close, the share price had partially recovered to finish trading 3.7 per cent, or 47¢, lower at $12.30.ALS in November reported its underlying profit earnings for the six months to September totalled $164.3 million, and forecast full-year profit of between $300 million and $320 million.
Mr Naran had been a soft-spoken chief executive, based in Texas, where the company has its operational headquarters. He joined the group in 2007 when his own laboratory company was bought out, and became ALS chief executive in 2017, with a pay package of $3.5 million last year.
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