Textile machinery maker Picanol NV has revealed that chairman Patrick Steverlynck and chief executive Jan Coene have both resigned from their posts.

Steverlycnk, however, will stay on as a company director and vice-chairman, whilst Coene is to remain as a consultant until the end of 2004.

Luc Van Nevel, independent director and chairman of the Audit Committee, will act as interim chairman and chief executive officer until the positions are filled.
Trading in the company's stock has been paused on Euronext Brussels.

Picanol's value has tripled since Coene took the role of chief executive three years ago.