Metrologic stock falls 14 percent after CEO resigns

0 Comments | Philadelphia Inquirer, The, April, 2006 | by Jane M. Von Bergen

Shares of Metrologic Instruments Inc. fell more than 14 percent yesterday after the South Jersey company's announcement that its president and chief executive officer was unexpectedly resigning for personal reasons.

"I am confident in Metrologic's prospects for continued growth, and I regret having to make this decision at this time in the company's history," Benny Noens said in a statement issued after the market closed Thursday.

The company's shares lost 14.2 percent, or $3.11, yesterday to close at $18.80.

Noens' boss, board chairman and founder C. Harry Knowles, said in an interview yesterday that Noens may have chafed under increased supervision by the board of directors because it cramped his independent style, which had been instrumental in expanding...