CFO leaves Thomas Cook as travel group warns on profit
Tour operator Thomas Cook Group has announced that CFO Bill Scott will stand down from his role by the end of November. Scott joined the company in July 2012 and became the CFO in January this year. He will be replaced by Sten Daugaard who will take over as the interim CFO. Daugaard joins the company next week but will assume his role in the start of December. Daugaard has experience working for companies including Lego , airline LTU Group, and graphite manufacturing company SGL Carbon.
Thomas Cook chairman Frank Meysman said: “I would like to thank Bill for the contribution he has made over the last six years at Thomas Cook. I am pleased that we have secured someone of Sten’s considerable experience to assume this important role while we find a long-term successor to Bill.”
Banco Santander appoints UBS’s Orcel as new CEO
Spanish banking giant Banco Santander has recruited Andrea Orcel as its new CEO succeeding Jose Antonio Alvarez. Orcel has served as head of UBS ’s investment banking division since 2014 and has been a member of the bank’s executive board since 2012. Meanwhile, Alvarez will take on the role of vice-chairman and executive chairman of the bank’s domestic division.
Commenting upon Orcel’s appointment, Santander chairman Ana Botin said: “Andrea has worked closely with us for the past two decades, in the development and execution of our strategy, and understands and is aligned with the Santander culture. He brings a deep understanding of retail and commercial banking, as well as a strong track record in managing diverse teams across Europe and the Americas in a collaborative way.”
McCarthy & Stone makes Tonkiss CEO with mission to cut costs
UK-based retirement housebuilder McCarthy & Stone has promoted its current chief operating officer( COO) John Tonkiss to CEO. His responsibility includes implementing a new strategy that not only focuses on growth but also return on capital employed (ROCE). Tonkiss served as acting CEO since 1 September following Clive Fenton’s retirement and has served as COO for four years.
Speaking about Tonkiss’ appointment, Paul Lester, chairman of McCarthy & Stone said: “John brings strong financial and operational expertise resulting from his four years at McCarthy & Stone where he was COO and his 10 years at Unite Students, where he held the same role. John has led the development of our strategic plan that will establish a strong financial platform for the business and which will be launched today.”
Download our Whitepapers
M&C Saatchi hikes payout on interim profit jump, finance head leaves
London-headquartered advertising firm M&C Saatchi announced the exit of finance director Jamie Hewitt. Hewitt will continue in his role for the next 12-months and help the firm search a successor. He has served the advertising firm for almost 15 years. The firm also announced higher interim dividends post a good gross profit in the first half of 2018.
Speaking on the resignation, M&C Chairman Jeremy Sinclair said: “As group FD, Jamie has done a fantastic job. Our profits have gone from around £10m to £26m, dividends from 3.60p a share to 9.53p. What’s equally remarkable is that he has managed at the same time to be an extremely likeable human being. We will miss him.”
Cruise.co.uk finance chief steps down
CFO Steve Bacon of UK-based travel agency Cruise.co.uk has stepped down from his role. Bacon will remain a shareholder in the group but is moving away from the agency to pursue new challenges. He joined the agency in 2013 during the acquisition of the agency by Risk Capital. Before this, Bacon had experience in the travel sector serving various finance roles at Gold Medal and Thomas Cook.
“I feel the time is right to take all my experience turning around and growing businesses to seek new challenges and pursue other private equity investment opportunities. I am proud to be leaving Cruise.co.uk in an excellent position for the next phase of its future development,” said Bacon.
IG Group shares drop as veteran CEO Hetherington steps down
UK-based financial service provider IG Group has announced that CEO Peter Hetherington has stepped down from his role. With over 24 years of experience, Hetherington has been part of the group since 1994 when he joined the firm as a graduate trainee. Meanwhile, IG’s CFO Paul Mainwaring will be interim CEO until a successor is found. After the announcement, shares of the group fell more than 11 percent which is expected to impact the already clamped down company.
Louis Dreyfus CEO and CFO quit in latest shake-up
CEO Gonzalo Ramirez Martiarena and CFO Armand Lumens of Amsterdam-based trading firm Louis Dreyfus Company have announced their exit from the firm. Martiarena, who joined the firm three years ao, will be replaced by former chief strategy officer Ian McIntosh and Lumens’ role will be taken over by deputy CFO Federico Cerisoli.
Speaking on Martiarena’s resignation, chairn Margarita Louis-Dreyfus said that he had “successfully fulfilled his mandate of putting the group in its current solid financial position and creating the conditions for the company’s next phase of growth.”
British American Tobacco picks insider Bowles as CEO to oversee tobacco shift
London headquartered British American Tobacco (BAT) has announced the promotion of COO Jack Bowles as the replacement for exiting CEO Nicandro Durante. Working for 34 years at BAT, Durante will retire on April 1 next year until which Bowles will be CEO designate. Bowles will join the board on Jan 1 and has served the company since 2004 working in Western Europe, Americas and Asia-Pacific regions.
Commenting on his appointment, Bowles said: “I am confident that we will take full advantage of these opportunities as we accelerate the transformation of BAT into a stronger multi-category tobacco and nicotine products company.”
Ebiquity interim profit drops on one-off costs as revenue grows
Marketing analytics firm Ebiquity has announced the resignation of CFO Andrew Noble. Although his exit is effective immediately, he will stay until December 21 for a smooth transition.
Before joining the firm in 2015, Noble held the role of CFO at Ipsos Marketing from 2012 to 2015. The firm also announced that its pretax profit had decreased to half the amount in the first two quarters of 2018 as compared to the first half of previous year due to one-off M&A costs.
Low & Bonar shares slide as it warns on higher costs; CFO to depart
UK-based building material company Low & Bonar has announced that CFO Simon Webb has stepped down from his role. He is set to leave the company due to some personal reasons which were not revealed. A specific date of his exit was not stated but he will continue in his role until an appropriate successor is found. The company also announced a lower than expected annual profit this year due to the increased cost of key materials.
Beeks Financial Cloud finance chief to step down from role
Scottish fintech Beeks Financial Cloud announced that its CFO Simon Goulding will step down from his role at the company’s AGM next month but will stay until the end of the year to ensure a smooth handover. He will be replaced by financial controller Fraser McDonald who joined Beeks in April 2016. McDonald started working as a consultant and was promoted to FC in April 2017.
Speaking on the announcements, Beeks’ chairman Mark Cubitt said: “Fraser contributed greatly to the success of the company’s IPO last year and we have been delighted with his contribution to the business since Beeks joined AIM. We are very pleased to welcome him to the board of the Company. We would like to thank Simon for his leadership of the finance team over the last few years and we are benefitting from the robust structures he has put in place. We wish him all the best for his future endeavours.”
Regal Petroleum set for reshuffle as two directors quit Ukraine-focused gas producer
London-based oil and gas production group Regal Petroleum has announced that Chief Financial Officer Gene Palyenka will step down from the role. Palyenka will leave the company next month to pursue opportunities outside the company. The group also announced that non-executive director Dr Phil Frank will leave the company and will be replaced by Dmitri Sazonenko. The company is still searching for a new CFO.
Flybmi appoints new managing director and COO
British regional airline Flybmi has appointed Malcolm Sutherland as the COO. Before joining Flybmi, Sutherland has worked with Crawley-based international airline Virgin Atlantic and tour operators Thomas Cook Group. In his new role, Sutherland will report to current chief commercial officer Jochen Schnadt who is to take on his new role of managing director from 11 October.
Commenting on his appointment, Sutherland said: “I’m delighted to be joining flybmi and looking forward to working with all of our operational teams to deliver a great experience for our customers.”
PMC appoints Tim Ireland as chief executive officer
UK-based speaker systems manufacturer PMC has appointed Tim Ireland as the CEO. Ireland will be in charge of the manufacture and operations department, along with sales, marketing and finance. Ireland has worked for seven years as CEO at Meridian Audio and as head of product development at Bowers and Wilkins. The company has also appointed Peter Thomas as chairman.
Ireland commented: “I have long admired the business that Peter and Adrian started and have watched the incredible rise in its profile, products and sales over the past few years. When Peter and the board invited me to apply for the position of CEO there was no hesitation on my part.”
AXA XL appoints Catlin Underwriting and XL Catlin Insurance UK CEO
Hamilton-based AXA XL has hired Paul Greensmith as the CFO of Catlin Underwriting Agencies and XL Catlin Insurance Company UK. Greensmith, in his new role will be responsible for developing the strategy of the two operations in order to redefine the company’s position in the UK. Previously, Greensmith was the director of London Market Whole for Catlin and has worked with London underwriting hub and Lloyds’s strategy and planning department.
Kelly Lyles, AXA XL client and country management chief executive, said: “Paul has a proven track record and the ability to balance both the long-term strategic view with the day-to-day requirements needed to fulfil the role of CEO for these entities.”
The Marketing Group announces new CFO
The Marketing Group (TMG) has elevated Paul Cottrell, financial controller as its CFO. He will replace former CFO Alex Knight. TMG also announced that its current chief executive officer Adam Graham has stepped up to executive chairman with immediate effect.
Commenting upon Cottrell’s promotion, Graham said: “I would like to welcome Paul to the Board and look forward to providing further information on new Board members in due course.”
Barbara Campos takes over CEO’s position at Joseph
Luxury designer brand Joseph will take on board Barbara Campos as the chief executive officer. Campos will take up office on 5 November 2018 and will succeed Hirosuke Takagi. Takagi will move into the newly created role of a chairman. Prior to Joseph, Campos served Marni as the global wholesale director, Diane von Furstenberg as the executive vice president international and managing director of Furla France and Germany. Joseph has also appointed Susana Clayton as creative director; she will take up office on 1 October 2018.
Pladis CEO steps down
Confectionery manufacturer Pladis has announced that CEO Cem Karakas is leaving the group with immediate effect due to family health reasons. Karakas will step down from his duty as the deputy chairman of the parent company Yildiz Holding, but will retain his role as an advisor to the United Biscuit UK Board.
Prior to Karakas’ appointment as chief executive of Pladis, he served as Yildiz’s CFO. The search for Karakas’ successor has begun but until a replacement is found, Jim Zaza will fill in as interim. Zaza is the chairman of United Biscuits UK(owned by Yildiz) and has served as an executive on the board since it was founded. He has previously held senior executive positions at PepsiCo, Black and Decker and Eastman Kodak.
Impellam issues profit warning, CFO resigns
UK-based recruitment company Impellam has announced the resignation of Group CFO Alison Wilford. She will step down on 31 October 2018 to join as a CFO in a privately-held company. Wilford will be replaced by Brian Porritt as the interim CFO and will report to CEO Julia Robertson.
Speaking on the resignation, Robertson said: “The Board and I would like to thank Alison for her contributions during her three years with Impellam, the last two years as the group’s CFO. We wish her every success in the future.”
Big Issue announces new social investment chief
London headquartered social investor Big Issue Invest has recruited Danyal Sattar as its new CEO. Sattar joins Big Issue from The Joseph Rowntree Foundation (JRF) where he worked as the head of social investment. Sattar has worked with various social organisations like Big Society Capital, the Access Foundation, Esmee Fairbairn Foundation, Charity Bank, International Association of Investors in the Social Economy, the UK Sustainable Investment and Finance Association, the Aston Reinvestment Trust, and New Economics Foundation.
On Danyal’s appointment, Chair Nigel Kershaw said: “Danyal is one of the most respected pioneers and leaders in social and environment investment. For more than 25 years, he has helped create and forge our sector and I am so excited to have him onboard to play an instrumental part in The Big Issue Group’s mission to dismantle poverty in the UK.”
Bango CFO Rachel Elias-Jones to step down in November
CFO Rachel Elias-Jones of Cambridge-based mobile payments company Bango has announced her resignation to take up a new role. She will leave the company on November 12 and will be replaced by an interim CFO who is set to start full-time on October 8. Elais-Jones has worked with Bango for six years, joining as finance controller and later getting promoted to the role of CFO.
Bango CEO Ray Anderson said: “I thank Rachel for her contribution to the growth of Bango as a leader in mobile commerce, and her contributions to the strong Bango financial systems and success of Bango customers.”
Sheffield Forgemasters appoints COO in newly created role
Sheffield headquartered engineering firm Sheffield Forgemasters International has appointed Paul Cahill to its new created role of chief operating officer. Cahill, in his new role, will be responsible for improving the operational and financial performance for the future growth of the company. With 30 years of experience, Cahill previously worked as a transformation executive with Rolls Royce for 10 years.
Speaking on his appointment, Cahill said: “I’m attracted to Sheffield Forgemasters because it is a truly iconic brand with some very talented and dedicated people, coupled with some globally unique manufacturing capabilities. Its importance to our defence industry and global civil nuclear markets makes it a very strategic business in which to work.”
Sanctuary Group appoints new chief executive
UK-based housing and care provider Sanctuary Group has appointed Craig Moule as the group’s new CEO, following David Bennet’s retirement. Moule has been the group’s CFO since 2013 and will take up the new role from January 1. He has been working in the company since 1989.
Moule commented: “I am proud to be Sanctuary’s next group chief executive, and look forward to working with the Board and senior team to ensure the continued success of the organisation. I would also like to thank David as without him Sanctuary would not be in the strong position it is now, with the financial stability to deliver our charitable objectives of providing housing and care to those who need it most.”
Lynsey O’Keefe announced as Orega’s new COO
London-based service provider Orega has hired Lynsey O’Keefe to the position of COO, who will be overseeing Orega’s business operations. Lynsey began her career as an accountant, has 20 years of corporate experience and has worked with companies like DHL and GE.
Speaking on her appointment, O’Keefe said: “My key abilities are in directing and shaping a business by unlocking aspiration in a very logical way to turn it into reality. Orega is operating in a growing marketplace with a brilliant product, and my goal is now to fine-tune the business to make sure we stay ahead. I’ll be ‘conducting the orchestra’ so we work in the most efficient, customer-focused and best-employer way. The priority is to make sure that everything we do is purposefully connected to the company’s objectives.”
Fishing Republic slips to loss as new CEO named
UK-headquartered fishing tackle shop Fishing Republic has named Daniel Quinn as its new CEOr. Quinn has worked as the commercial director of Go Outdoors and has held a number of senior commercial positions at Tesco. Following his appointment, James Newman will resume his role as non-executive chairman, who has been acting in an executive capacity. The company’s revenue dropped down to £3.4m in June 2018 from £4.1m the previous year.
Speaking on Quinn’s appointment, Newman said: “We are pleased to welcome Dan Quinn as chief executive officer. He shares the board’s vision that there is a significant opportunity for the group to build its presence as a multi-channel retailer of fishing tackle and equipment.”