The chief executive of Shine Corporate is stepping down after a year and a half with the troubled law firm.
No reason has been given for the departure of Courtney Petersen, who will be replaced by former managing director and co-founder Simon Morrison. Co-founder Stephen Roche will also take on a more active role as consultant to the senior leadership, Shine said.
The company's shares have slumped more than 50 per cent in 2016 after the compensation specialist slashed full year earnings guidance in January, following provisions to cover its work in progress (WIP) recovery rates. It outlined further impairments earlier this month, citing challenging conditions in its energy and resources practice.
In an interview in August, Ms Petersen said the company was focusing on improving its financial reporting and should not be tarred with the same brush as Slater & Gordon, another struggling listed law firm.
Company founders Simon Morris and Stephen Roche will take on more active roles, Morrison as managing director and Roche as a consultant.
AAP
