Quarto co-founder Laurence Orbach has stepped down from its board, in the latest twist to his involvement with the company.
In a short formal statement, the Quarto Group Board thanked Orbach, who in May made a shock return to the company's leadership after being first ousted as director in 2012, for "his contribution during his time as a director".
Quarto declined to comment further on Orbach's resignation.
Orbach was re-appointed executive chairman leading the board after a shareholder revolt on 17th May but stepped back to become a non-executive director in a July reshuffle.
Orbach and fellow shareholder Chuk Kin Lau of the Lion Rock printing company together own 47% of the publisher (Orbach 20%, Lau 27%). Lau, appointed to Quarto’s board following the shareholder revolt, stepped up as Quarto's interim chief executive officer in wake of Marcus Leaver's departure.
Quarto's share price hit a 52-week low on Wednesday (25th July) at 100.25p. As of 11am on Thursday (26th July), this jumped 2.42% to 106p.