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FD news: Zoopla CFO moves on

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27th Jan 2016
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Welcome to FD news, AccountingWEB’s round-up of arrivals, departures and other executive morsels. This week featuring Zoopla, Elektron, Wolsey and WorldFirst.

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U-turn for Elektron CFO

26 January – Elektron Technology has announced that chief financial officer Andy Weatherstone is to stay with the global technology group.

In September 2015 Elektron announced that Weatherstone would be leaving in March to resume work as a turnaround consultant.

Weatherstone’s change of heart was apparently prompted by detailed discussions with the group, who have apparently been able to accommodate his desire to work on other projects whilst continuing in his role as Elektron’s CFO.

Commenting on the decision Elektron chairman Keith Daley said: “I am obviously delighted that Andy has agreed to stay with us. He has had a vital part to play in the progress the business has made since he joined two years ago and complements a strong management team enabling us to exploit fully the significant opportunities available to us.”

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Zoopla CFO moves on

21 January – Property group Zoopla announced that Stephen Morana is to step down from his role as chief financial officer.

Morana has been in post at the FTSE 250 company for three years, and was seen as a key figure in preparing the property portal for its 2014 floatation. He previously worked at gambling giant Betfair, where he had a spell as interim CEO.

Zoopa stated that it will announce his successor in due course, and Morana will continue in his current role until his successor joins to ensure a smooth transition.

Alex Chesterman, founder and CEO of Zoopla said Morana had “played an important role as part of our leadership team and has shown huge personal commitment.

“He helped to prepare the company for its life as a public company, culminating in our successful IPO in 2014. He has been an outstanding CFO and whilst we will be sad to see him move on, we understand his desire to pursue new opportunities and wish him every success in his future endeavours.”

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Wolsey turns up the heat with new CEO and CFO

18 January – Plumbing and heating product supplier Wolsey has announced that its chief executive Ian Meakins will retire on August 31, and that it has promoted chief financial officer John Martin to fill the vacant role.

In a statement Wolsey confirmed that Martin will be paid an annual salary of £860,000, and will participate in the company's bonus and long-term incentive schemes.

The Switzerland-based firm also announced Simon Nicholls as CFO to replace Martin. Nicholls joins from British engineers Cobham, and previously served as finance director for aircraft parts manufacturer Senior Plc.

Nicholls will join following an appropriate notice period, and will be paid an annual salary of £530,000, the company said.

Wolsey reported a sharp drop in UK first-quarter trading profit, which it blamed on a slowdown in the country's economic recovery and a lack of construction activity.

* * *

Worldfirst creates new CFO role

14 January – Payments firm WorldFirst has continued to target global growth with the appointment of Alexander Filshie as its first chief financial officer.

In a statement WorldFirst confirmed that ICAEW mentor Filshie will lead and develop the company’s global finance function

Filshie has more than 20 years’ experience in global financial service leadership positions, having previously worked at Standard Chartered, Barclays, American Express and, most recently, as Group CFO at cash settlement operator CLS Group.

The appointment comes after WorldFirst recorded a 76% year-on-year increase in revenue in 2015.

Commenting on the appointment Jonathan Quin, CEO and co-founder of WorldFirst, said: “The acceleration in our growth brings some exciting new opportunities and we're mindful of the increase in the complexity and volume of transactions, especially as we enter new international markets.

“Alexander has a wealth of experience in these areas and a proven track record of delivering outstanding results which will help the team as we prepare for further rapid growth.”

* * *

Virgin Money check out Tesco CFO

12 January – Challenger bank Virgin Money has announced the recruitment of Peter Bole as Chief Financial Officer. Bole is currently CFO at Tesco Bank, and given his contractual position with a rival company is expected to join Virgin in 2017.

Bole has worked in accountancy and financial services for almost 25 years, and previously held senior finance roles at RBS and as an investment director at Standard Life.

In a statement Virgin Money said that Bole will be paid an annual base salary of £500,000, and will receive pension contributions of 20% of base salary. In addition he will receive Virgin Money shares with a value of £653,873, not subject to performance conditions, and £472,914 worth of company shares, subject to performance conditions, as compensation for remuneration forfeited as a result of leaving his current employer's share incentive arrangements.

Glen Moreno, Chairman of Virgin Money, stated that the appointment is part of a plan to accelerate growth, and called Bole: “An accomplished professional with first-class strategic financial management experience.”

A Virgin Money's statement confirmed that Dave Dyer, the company’s current CFO, will remain in post until a handover is completed, after which he will remain with the business on a part-time advisory basis.

* * *

Sofa so good for ScS and Muir

11 January – Sunderland-based furniture retailer ScS has recruited Chris Muir as its new chief financial officer following the resignation of longstanding CFO Ron Turnbull.

Muir will join the company as CFO and executive board director from 4 April 2016, and moves from commercial vehicle hire specialists Northgate, where he was group finance director for five years.

Turnbull, who announced his resignation to the market on 12 August 2015, will remain in his role for much of the current financial year to ensure a smooth handover to Chris Muir.

Commenting on the appointment ScS chairman Alan Smith commented that Muir brings “substantial experience” to the company and will be an “extremely valuable addition”.

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Clayton joins Aviva Investors

5 January – Former Standard Life director David Clayton has joined asset managers Aviva Investors as its chief financial officer.

Clayton joined the company in December hot on the heels of the departure of Clifford Abrahams, who left Aviva to join Dutch insurer Delta Lloyd after just six months in post.

Most recently Clayton spent six years at Standard Life, where he was most recently director of group finance.

Clayton will be responsible for areas including reporting, capital, and performance, and will report to Tom Stoddard, group chief financial officer at Aviva, and to Euan Munro, chief executive of Aviva Investors.

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Mukerji hits the headlines as new Polestar CFO

5 January – Embattled printers Polestar has appointed Swagatam Mukerji as their new CFO. Mukerji joined on 4 January, replacing Peter Johnston who departed in October after 14 years at the company.

Mukerji boasts extensive experience working for private equity companies on business turnarounds and profit improvement programmes. He joins Polestar after leading a comprehensive cost reduction programme at air technology business Fläkt Woods Group, and previously spent five years at industrial services firm Safety-Kleen, where he worked as group CFO.

Polestar prints an estimated 43m magazines a week, including bestselling titles such as the Radio Times, Cosmopolitan and Hello! The group, formed in 1998 following the merger of the British Printing Company with Watmoughs, has recently struggled with declining newspaper and magazine sales, and last year were reported to be struggling with £100m debts.

In December Polestar was taken over by Proventus Capital Partners. The Swedish investors, already the print group’s biggest backers, added an unspecified amount of additional funding to become the majority shareholder.

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