Michael Jolly has resigned as chief executive of the recruitment firm Penna Consulting, ending a two-and-a-half year spell as the company's chief.

Jolly has been in charge of restructuring the business and he and the board have agreed that it is now time for a change of chief executive.

Chairman Suzie Mumme will assume the chief executive's duties until Penna finds a suitable replacement.

Penna released a trading statement at the end of September warning that profits would be below those recorded last year.

Mumme said: "Michael has played a significant role in Penna during a very difficult phase. On behalf of the board I would like to thank him for all his efforts and contribution."

Shares in the firm jumped by 2.5p in morning trading following the announcement to trade at 103.5p each.