Collectors Universe, Inc. (Nasdaq: CLCT) announced that Chief Executive Officer Michael Haynes will depart the Company as of April 1, 2009 to pursue other opportunities.

Clint Allen, Chairman of the Board stated, “During his tenure, Michael Haynes directed the turnaround of the Company and was instrumental in strengthening the balance sheet and positioning the Company for long-term profitability. The Company now has substantially improved continuing operations and is prepared for the next phase of success. We are grateful for his years of dedication toward this goal.”

Michael Haynes stated, “Based on a strategy established by the board at the beginning of my term in 2003, Collectors Universe has been transformed to focus on its core competency of grading and authentication of collectibles, with updated operating systems and restructured management. The proven leadership position of these divisions in their markets along with the efficient operating support and favorable balance sheet provides the foundation for long-term profitability.”

Michael McConnell, a member of the Board of Directors of the Company, has been appointed interim Chief Executive Officer.

The Orange County Business Journal also had an article about Mr Haynes departure in which it said…

The move comes a week after investor Shamrock Capital Advisors Inc. pressed Collectors directors to put the company up for sale.

Burbank-based Shamrock Capital believes the company is an attractive acquisition candidate and could be worth twice as much if it were sold, it said in a letter to directors last week.

Collectors directors should abandon the company’s “flawed strategic direction,” said Shamrock, which owns 9% of Collectors shares.

Shamrock invests money for Disney and relatives through an activist value fund.

Related posts:

1. Steve Deeds Leaving as President of Bowers and Merena and Michael Haynes to become CEO of APMEX
2. Shamrock Activist Value Fund Urges Immediate Sale of Collectors Universe, Inc.
3. Two Directors of Collectors Universe Achieve Certified Professional Director Designation
4. Collectors Universe Declares Quarterly Cash Dividend of $0.25 per Common Share
5. Collectors Universe Reports Results for First Quarter Ended September 30, 2007
6. Collectors Universe Sells PCGS Currency Division
7. Collectors Universe Reports Financial Results and Resumes Dividend
8. Collectors Universe Announces Fourth Quarter and Fiscal Year 2007 Results
9. Collectors Universe – Trade Show Revenues Drop – Coin Warranty Claims Hit $822,000
10. Collectors Universe Reports Results for Second Quarter Ended December 31, 2007