September 18, 2017 / 6:20 AM / a month ago

Interserve names finance chief as pursues turnaround

(Reuters) - British support services and construction company Interserve (IRV.L) has appointed Mark Whiteling, a former head of finance at engineering supplies group Premier Farnell, as its new finance chief, days after a big profit warning.

Interserve cut its full-year revenue and earnings guidance on Thursday due to “disappointing” trading in its domestic market in July and August, sending its shares down 50 percent that day.

Whiteling, also a former deputy and interim CEO at Premier Farnell prior to its takeover by U.S.-based tech firm Avnet (AVT.N), is a non-executive director at Hogg Robinson Group.

Interserve said in June that Tim Haywood was stepping down as its finance chief.

Whiteling’s appointment, effective Oct. 1, comes after Debbie White was appointed as the company’s chief executive officer in March.

“Following the appointment of Debbie White as CEO, Mark’s appointment is the next step in strengthening our top team to lead the transformation of Interserve,” Chairman Glyn Barker said.

The construction and services company said last week “complexities of completion” meant final costs associated with its exit from the waste-to-energy business would exceed a previous 160 million pound provision.

Reporting by Justin George Varghese in Bengaluru; Editing by Mark Potter

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