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FD news: BT ring the changes

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29th Mar 2016
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Welcome to FD news, our round-up of business arrivals, departures and other executive morsels. This week featuring Sky, McColls and BT.

Miller’s stock rises with McColl's

24 Mar – Convenience store operator McColl’s has promoted Chief Financial Officer Jonathan Miller to lead the business as its new Chief Executive. 

Miller has been with McColls since 1991, and has worked as CFO since 2004.  He takes up his new role on 1 April, where he succeeds current CEO James Lancaster. Lancaster is to retire, but will maintain the role of Non-Executive Chairman until April 2017.

“It is a great privilege to be appointed as chief executive of McColl’s” Miller said.

“I am looking forward to working with the many talented people across the company as we continue to grow our convenience presence in neighbourhoods across the UK.”

Former Tesco Finance Director Simon Fuller will take over Miller’s position as CFO. Fuller boasts considerable retail knowledge and expertise across distribution, supply chain, retail operations, on-line and trading.

The group, which floated in London in 2014 and currently operates around 1,300 shops, announced late last year that it would close 100 outlets as it shifted away from traditional newsagents to a convenience store model.

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Pets at Home groom CFO for top job

21 Mar – Pets at Home has announced the promotion of long-term Chief Financial Officer Ian Kellett as the group’s Chief Executive Officer.

The UK’s leading retailer of pet accessories stated that Kellett will take up the role from 4th April 2016, following the resignation of current CEO Nick Wood, who will remain with the group in an advisory role until 1st July.

Kellett has been on the group's board for the last ten years, primarily as CFO, steering the group through an IPO and helping to expand its veterinary services through the acquisition of Vets4Pets.

Kellett is to be replaced by Graeme Jenkins, current CFO of retailers Target Australia.

Commenting on Ian Kellett's appointment, Pets at Home chairman Tony DeNunzio said: “I am delighted that Ian is succeeding Nick as CEO, having seen them work together so successfully over the past four years on the strategic development of the group. 

“His appointment is consistent with the succession plan the board set out when Ian was appointed last year as CEO of the Retail Division, and with the appointment of Graeme Jenkins as CFO.  Ian has a strong vision for the Group based on his experience over ten years with Pets at Home in both financial and operational roles and I am confident he will continue to provide excellent leadership to the Group.”

* * * 

Sky’s the limit for Griffith in expanded role

21 Mar – Sky has announced that Andrew Griffith, currently Group Chief Financial Officer and MD, Commercial Businesses, will expand his responsibilities to become Group Chief Operating Officer in addition to his existing role.

Griffith has been Sky's CFO and an Executive Director of Sky plc since April 2008 and held a number of senior finance roles within Sky prior to this appointment. Since 2012, in addition to his role as CFO, he has had Executive responsibility for Sky's advertising business.

Griffith originally joined Sky in 1999 from investment bankers Rothschild, where he provided financial and strategic advice to corporate clients in the technology, media and telecommunications sector. In March 2014, he joined the board of JUST EAT as Senior Independent Non-Executive Director.

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BT ring the changes with Lowth as new FD

18 Mar – BT has appointed former BG finance director Simon Lowth as their new finance director.

Lowth joins following the departure of the group’s long term FD Tony Chanmugam, who will concentrate on integrating newly acquired mobile group EE into the rest of BT.

Lowth left BG last month following the gas group’s £35bn takeover by Shell, and will join the telecoms group in July. He has also held top finance posts at AstraZeneca and Scottish Power.

Commenting on the appointment BT Group chief executive Gavin Patterson said: “Simon brings a wealth of experience to BT, having served as CFO and a board director for a number of major international companies, and I'm thrilled he's joining.

“On top of his solid financial acumen, his strong organisational leadership and engineering experience at a number of leading infrastructure companies will be a real asset for BT.”

* * * 

Quantum leap for Rigg

8 Mar – Niche pharmaceutical manufacturer Quantum Pharma Plc has announced the promotion of Chris Rigg to the role of Chief Financial Officer.

The Durham-based group moved quickly to replace departing group CFO Martin Such, who announced he would be leaving the group on 7 March.

Rigg joined Quantum as the group's strategic director in November 2015, and worked previously as CEO of national recruitment agency NRG and as head of Barclays’ North East large corporate banking division.

Commenting on the appointment Andrew Scaife, CEO at Quantum, said: “We are delighted to welcome Chris to the Board as Chief Financial Officer.  Chris has a wealth of relevant experience in management, finance and strategic matters and, having joined the group last November, a good understanding of the group's businesses.”

In a statement Quantum’s board confirmed that the group's expectations remain as set out in the Trading Update issued on 19 January 2016, with adjusted group EBITDA for the year ended 31 January 2016 expected to be around £12.7m.

* * * 

Mulberry bag new FD

7 Mar – Luxury fashion group Mulberry has named the appointment of former Dyson commercial finance chief Neil Ritchie as its new finance director.

Ritchie joins as group finance director and a director of the Bath-based company from 16 May. Existing group FD Roger Mather will remain at Mulberry to support a smooth transition until his departure at the end of June 2016.

Ritchie is a Chartered Accountant (FCA), having trained with Price Waterhouse, and spent the last 14 years with the Dyson Group, where he has held a variety of commercial and financial roles. Most recently he reported to the CFO of Dyson Global as commercial financial director.

Commenting on the appointment Thierry Andretta, Chief Executive of Mulberry said: “We are delighted to welcome Neil to Mulberry.  His experience in developing and managing international business with a leading, innovative British brand will be very valuable during this exciting period for Mulberry.”

* * * 

City of London Group FD resigns

4 March – UK-based investors City of London Group has announced the resignation of finance director Howard Goodbourn with effect from 18 March.

Goodbourn leaves to pursue other full-time business interests, as the group’s finance director role has not been full time since September 30 last year.

The specialist financing and alternative fund management group thanked Goodbourn for his contribution over the past 4 years, and stated that he will not be directly replaced; his duties will be assumed by other staff at the organisation. 

The financial management of the group’s two investee businesses, Credit Asset Management Limited and Trade Finance Partners Limited, will continue to include their own full time finance directors.

* * * 

Tidal waves goodbye to CFO

1 March – High profile music streaming site Tidal has fired its CFO, reportedly in a disagreement over how the company presents its streaming data.

According to Swedish news site Breakit, Tidal decided to fire CFO Chris Hart over a dispute regarding how the company presents user and streaming numbers.

Tidal allegedly refused to share its data from a number of artists with Nielsen Music, which gathers streaming data from different platforms to compile the billboard list.

This resulted in issues such as Kanye West's new album not appearing in the Billboard’s ‘Hot 100’ chart, as he elected to exclusively release his album on Tidal.

Relaunched in 2015 after its parent company was acquired by American rapper, entrepreneur and investor Jay-Z in a $56m deal, Tidal claims to pay musicians the highest percentage of royalties within the streaming market.

However, it has been a turbulent 12 months for the company, which has replaced two CEOs since the takeover and in 2014 recorded a loss of almost $10m. 

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