Premier Farnell has said Laurence Bain, who succeeded Harriet Green, is to vacate his role at the £960m-turnover electronics distributor with immediate effect.

Chief financial officer Mark Whiteling has been named as interim chief executive while a search process for Bain’s replacement has started, looking at internal and external candidates.

Following Whiteling’s appointment as interim chief executive, his CFO responsibilities have been transferred to a team led by Steven Webb, general counsel and company secretary.

Val Gooding, chairman of Premier Farnell, said: “Laurence has been a director of the company since 2003 and chief executive for the last three years.

“During his time as CEO Laurence has led the company’s transformation to a web-based business, developed a global operating model and management structure, and introduced an innovative and differentiating strategy.

“However, whilst these initiatives provide a solid platform for the future, the company’s recent results have been disappointing and the board has concluded that the time is right for a change of leadership.”

In an update at the end of July, the business said it had been hit by a slowdown despite implementing a number of initiatives to drive sales and expand its gross margin.

In light of the challenging conditions, the company’s board instigated a review of the group’s operations.

Premier Farnell can trace its roots back to the 1930s and is today a distributor of electronic components, providing a next-day delivery service to a global customer base of more than two million.

The business was ranked in 12th place on Insider‘s latest Yorkshire Top 500.