Irvine-based Resources Connection Inc., which provides accountants, lawyers and other consultants to companies on a project basis, announced an abrupt management change Thursday, a week after reporting disappointing quarterly results.
Thomas Christopoul, the company’s chief executive for the past year, stepped down.
He’s being replaced by Donald Murray, founder and former chief executive who stepped back to executive chairman last year to make way for Christopoul.
The company said Christopoul resigned immediately and will pursue other interests.
The move comes after Resources Connection last week reported a surprising loss and lower than expected sales for the three months through May 30.
The company reported a loss of $6.3 million, versus a profit of $15.9 million a year earlier and analysts’ expectations of a $1.8 million profit.
Sales were $132 million for the period, down 44% from a year earlier and well below the $143.6 million analysts were expecting.
Resources Connection blamed the worse-than-expected results on the down economy, in which companies have cut back on the use of outside professionals.
“Given the global economic climate, this has been the most challenging year in the history of Resources,” Christopoul said at the time.
Christopoul was only the second chief executive Resources Connection has had in its 10 years.
Murray helped start the business as a unit of Deloitte & Touche LLP and oversaw Resources Connection’s public offering in 2000 and its growth for much of this decade.
