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Resources Connection’s Founder Replaces Its CEO

Irvine-based Resources Connection Inc., a provider of accountants, lawyers and other consultants to companies on a project basis made a sudden change in its management board after the company reported a disappointing quarterly results last week.

Resources connection’s chief executive Thomas Christopoul is being replaced by Donald Murray. Latter is the founder and former chief executive of the company who stepped back to executive chairman last year. Christopoul had been the chief executive for past year, who resigned and intends to pursue other interests.

Resources Connection reported a surprising loss and lower than expected sales for the three months through May 30, 2009. It was a loss of $6.3 million, versus a profit of $15.9 million for the same period of 2008, as well as analysts’ expectations of a $1.8 million profit.

The company sold $132 million for the period, a decrease of 44 percent from a year earlier. It also fell short of what analysts were expecting- $143.6 million. According to Resources Connection, down economy, in which companies have cut back on the use of outside professionals had took a toll on their sales and thus is the worse-than-expected results!

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