Sanctuary founder departs; Presland in as board removes Taylor.(Companies)

Sanctuary Group's newly-appointed group chief executive Frank Presland says he is taking up the role with mixed emotions after his predecessor Andy Taylor was fired last week.

Taylor was "removed as a director of the company" last Thursday evening, as outlined in a statement to the stock exchange the next morning--with Twenty-First Artists chief executive Presland moving up to take his place.

It is understood that Presland, who takes over for the rest of this year, had no involvement in the decision to remove Taylor. He says he is saddened by the turn of events. Speaking last Friday, he said, "I have been receiving messages of congratulations, but it doesn't feel like that. Andy is a good friend and hopefully will remain so. I wish him all the best in everything he does."

The statement revealed that Taylor had been removed by the board following "their conclusion that certain of the prior-year adjustments made in the 2005 accounts should have been presented as a correction of fundament errors and not as changes in accounting policy".

The decision was reached, the statement went on, as part of its review of the 2005 financial statement, as it responded to questions raised by the Financial Reporting ...