Capita and Debenhams reshuffle finance chiefs in turnaround bid
UNDER-PRESSURE companies Capita and Debenhams have both appointed new finance chiefs as they undertake huge turnaround efforts.
Outsourcer Capita has hired Go Ahead’s finance boss Patrick Butcher as its chief financial officer and he is due to join the company at the end of the year. He was previously group finance director at Network Rail. Capita announced last month that the incumbent chief financial officer Nick Greatorex would be leaving. He will step down on Sept 30.
The move comes after a 60pc fall in Capita’s profits in the first half of the year. The outsourcer brought in new chief executive Jon Lewis late last year after previous boss Andy Parker resigned amid a profit slump, admitting that the company had made some “own goals” that had contributed to its troubles.
In April, the company announced plans to raise around £1bn through a rights issue and selling parts of the business, in a bid to curb its falling profits. Transport company Go Ahead is now on the hunt for a new finance boss. Meanwhile, department store chain Debenhams has brought in Rachel Osborne as chief financial officer from Domino’s Pizza.
She has previously worked at John Lewis and Kingfisher, and will join Debenhams on Sept 17.
Last week, it emerged that Debenhams would slash up to 90 jobs as the ailing retailer attempts to cut costs in its fashion and home departments. The company launched redundancy talks with around 200 workers in the latest phase of its cost-cutting drive.
Debenhams is attempting to shore up its finances by securing £10m of cost savings during this financial year and £20m extra annually going forward. Matt Smith, the current finance chief, is leaving on Aug 31 to join Selfridges as finance director.