STRUGGLING tool hire company HSS Hire has announced that CFO Steve Trowbridge is leaving to pursue “new opportunities” after seven years.
Steve Bailey will become interim chief financial officer, but will not be appointed as an executive board director. Trowbridge will remain at the company to “effect an orderly handover of responsibilities”.
Trowbridge’s departure comes just weeks after HSS reported a £13.8m loss last year, up on 2014’s £8.5m loss.
Having floated on the London Stock Exchange in February 2015, the company – founded in 1957 – has issued a brace of warnings and seen its market value plunge by over 50%.
Bailey, 53, has over 30 years’ experience in finance having begun his career with Coopers and Lybrand in 1987. A former Co-Operative Food Group FD from 2011 to 2015 he was also CFO at HJ Heinz and Guoman & Thistle Hotels.
The board will appoint a permanent CFO “in due course”.
Alan Peterson, chairman, commented: “I am pleased to welcome Steve Bailey to HSS and believe that his extensive business and operational experience will be valuable to the Group.
“I would like to thank Steve Trowbridge for the significant contribution he has made to the Group over the last seven years and we wish him every success in the future.”
HSS’s share price was up 2.19% at £81.75 in morning trading.
In September 2015, former CFO John Gill was named CEO.
Suzanne Baxter is to step down next month following the departure of CEO Ruby McGregor-Smith
The number of start-ups setting up in London’s tech district fell by 70% over the last year, new research shows
James Gregory appointed following promotion of incumbent CFO
Industrial group continues acquisition spree and secures 740 jobs