Malcolm Miller, CEO at UK marine electronics firm Raymarine, has left the Board with immediate effect and is departing from the business.

Company chairman Peter Ward has been appointed as executive chairman on an interim basis. Ward has more than 35 years' industrial experience managing companies that design, manufacture and market products.

"I would like to take this opportunity to extend the Board's sincere thanks to Malcolm," says Ward. "Malcolm joined Raymarine in January 2003 and has guided the successful development of the company since its flotation in December 2004. Pending the appointment of a new chief executive, I am looking forward to working closely with the executive team in the next phase of the company's development."

As of June 30, 2008, Raymarine reported a like-for-like sales reduction compared to the previous year of 8.5 per cent. Cumulatively, for the nine months to September 30, 2008, the like-for-like sales reduction remains the same at 8.5 per cent.

Raymarine's share price plunged to a 12-month low of 86p on the news.