Shareholders in James Crean and Oakhill, in which the former has a 20 per cent stake, must be wondering when good news will emerge from the companies. The latest announcements to the Irish Stock Exchange that the companies' finance directors are to leave are hardly assuring.

A brief statement from Oakhill said that its finance director, Mr Michael Gannon, would be leaving the company on January 16th, 2001, "to take up a position as a commercial director in the e-commerce sector".

An equally short statement from Crean said Mr Larry Westman, finance director and secretary, was "to resign from the board, having accepted a career opportunity outside the group and would leave Crean at the end of December 2000".

Crean incurred a loss of €5.4 million (£4.25 million) in the six months to the end of June last, compared with a period-on-period profit of €3.7 million, after a €9.5 million write-down in the carrying value of Freezer Queen. Oakhill last month announced it was to sell its packing side and concentrate on print. However, it also revealed a 26 per cent drop in pre-tax profit to €2.7 million in the six months to the end of June. Both companies will have to hunt for new finance directors, and shareholders will hope it does not take as long as the pursuit of new chairmen. The appointment of a new chairman at Oakhill was "imminent", shareholders were told at last May's annual general meeting. So far, no new chairman has emerged.

The position at Crean is worse. In July last year, Crean chairman and chief executive Mr Ray McLoughlin said he would be stepping down and joining shareholders at this year's meeting in July. He still has the dual roles of chairman and chief executive.