Daily Mail

Revolt over ex-finance boss of crisis hit builder

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SHAREHOLDE­RS at First Group have given a huge thumbs down to crisis-hit Carillion’s former finance chief being let loose on their company.

More than a fifth (22.72pc) of votes cast at the transport operator’s annual general meeting yesterday were against Richard Adam keeping his new place on First Group’s board.

Adam, 59, was the struggling infrastruc­ture giant’s finance chief for ten years until December last year. A review started by his successor Zafar Khan led to an £ 845m write- down and profit warning, wiping 70pc off the company’s value when announced last week.

Yesterday First Group, which owns First Bus and First Rail, said it would try and talk with shareholde­rs who voted against him.

But bosses added: ‘The board is confident that Richard’s commercial acumen and experience from senior roles in large and complex internatio­nal companies is of benefit to the company.’

Adam joined First Group on February 24, taking over as chair of the audit committee from Brian Wallace.

Despite the vote, shares in First Group rose 1.8pc or 2.1p to 120p yesterday.

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