Collectors Universe Inc. announced that CEO Michael Haynes will depart the company as of April 1 to pursue other opportunities.
"During his tenure, Michael Haynes directed the turnaround of the company and was instrumental in strengthening the balance sheet and positioning the company for long-term profitability," said Clint Allen, chairman of the board. "The company now has substantially improved continuing operations and is prepared for the next phase of success. We are grateful for his years of dedication toward this goal."
Michael McConnell, a member of the board of directors for Collectors Universe, has been appointed interim CEO.
"Based on a strategy established by the board at the beginning of my term in 2003, Collectors Universe has been transformed to focus on its core competency of grading and authentication of collectibles, with updated operating systems and restructured management," Michael Haynes said. "The proven leadership position of these divisions in their markets along with the efficient operating support and favorable balance sheet provides the foundation for long-term profitability."
In other news, last week. Shamrock Capital Advisors, a private equirt firm that lists the family of Disney among its clients, sent a letter to the board of directors of Collectors Universe asking them to begin the process to sell the company. Sharock owns more than 8 percent of the company.