LONDON (ShareCast) - Shares in marketing services firm Cagney slumped after it announced the resignation of its chief executive.

Paul Simons has resigned with immediate effect and will be on leave for the remainder of his employment, which ends on 31 May 2008.

The group said it expects to announce a replacement chief executive shortly.

"Timing is always a difficult call on change but I have now devoted over three years to the creation and development of Cagney," said Simons.

"The Group is established, working well and making good progress so it feels like the right time to hand across to others, allowing me to focus on growing interests elsewhere," he added.

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