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Formula One group Williams appoints new CFO

ALAN KINCH is to join Williams Grand Prix Holdings as chief financial officer on 1 December, the owner of the Williams Formula One team said.

Kinch joins from Vodafone Group Enterprise, established in by Vodafone in 2007 to provide IT and telecoms services to large corporate customers, where he has been finance director since April 2013.

His previous roles include eight years at Cable & Wireless Worldwide where he spent three years as group financial controller. Kinch will be responsible for all aspects of operational and structural finance for the Williams Group and will join the company’s board of directors.

Current FD Louise Evans will be departing Williams at the end of November 2014 in order to pursue new challenges, the company said.

“I have thoroughly enjoyed my ten years at Williams and it has been a privilege to be part of historic milestones for a Formula One team such as our diversification into new business areas and our IPO in 2011,” Evans said.

“The group is making good progress towards its objective of reinvigorating our Formula One performance, exemplified by a very positive 2014 season, so this feels like the right time to hand over the reins as I seek new challenges in my career.”

Earlier this month the team, which has won nine constructors’ titles and seven drivers’ championships and is enjoying an improvement in form on the racetrack, revealed that losses had widened at its parent company to £18.8m from £2.8m in the last year.

Overall sales for the period fell to £46.6m from: £56.4m. Williams said the year over year reduction in revenue and earnings is accounted for by the recognition in 2013 of a special non-recurring sponsorship payment for 2014 within last year’s accounts.

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