ONE OF THE UK’s most long-standing finance directors is to step down. Gordon Hurst, 19 years in the group FD role at FTSE 100 outsourcers Capita, will step down from the board in February and remain with the business as a consultant until September 2015.
Nick Greatorex, current Capita insurance & benefits services director, will succeed Hurst as FD. Greatorex will leave his role in December to allow time for transition. The chartered accountant is a former CFO, of Liberata, and has served in senior roles with Ernst & Young and Centrica before joining Capita in 2006.
Hurst will leave Capita to pursue other opportunities, which currently include the chairman’s role at Cambridge-based behavioural analytics technology company Featurespace. He intends to use the expertise that he has gained at Capita to advise on the organisational structures needed commercially and financially to for sustainable growth.
Andy Parker, Capita chief executive, said that Hurst has played a “key role” in supporting the group through consistent growth. “He has built a strong team of legal, commercial and financial experts both centrally and across the divisions and therefore leaves firm foundations to support the continued growth of the group,” said Parker.
“His unique approach and straightforward manner will be truly missed and we all wish Gordon well in his future interests.”
Greatorex has in-depth experience of working in senior commercial and finance roles “right at the heart of Capita” across a number of its major bids and contracts, Parker added.
Hurst will receive no further payments for salary following his retirement on 30 September 2015. He will receive any bonus earned for the year to 31 December 2014 as a cash payment at the end of February 2015.
Capita said today that it remains “on track” to achieve at least 8% organic growth for the full year 2014, the same rate as in 2013. “Our sales performance to date, together with the acquisitions completed over the year and our steady operating performance, gives us confidence in meeting consensus market expectations for 2014,” the group stated in its interim update to the market.
Its share price fell 78p in this morning’s trading, to 1,043p – valuing the company at £6.9bn by market cap.
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