Cattles FDs among sacked six

Cattles has fired its group finance director and the FD of its principal lending arm with immediate effect and with no compensation for loss of office, following an ongoing forensic review into the stricken finance group which has seen six senior executives go.

Group FD James Corr and Welcome Financial Services (WFS) FD Peter Miller had their employment terminated on 1 July after their suspension from duties in March alongside four other senior executives, including its chief operating officer and WFS’s managing director. Corr’s role had already been handed to interim FD Jamie Smith in April, while Robert East ­ Cattles’s banking director who was due to become group FD before the reviews broke ­ will join the board as chief restructuring officer after the AGM on 29 July.

Cattles’s chairman Norman Broadhurst ­ FD of Railtrack before its collapse ­ CEO David Postings and its treasury and risk director Mark Collins all stepped down with immediate effect on 1July, though Postings stays as a consultant for six weeks.

For the background to Cattles's woes and its various FDs, click here.