Economy

Interserve names new chief financial officer

In a statement, Interserve said Whiteling was previously deputy and interim chief executive and chief financial officer at Premier Farnell PLC prior to its take-over by Avnet, and has been finance director of Communisis PLC and group finance director of Tibbett and Britten.

News of Mr Whiteling's appointment is likely to give investors more confidence in the future of the company after a disastrous few days.

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

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. "His personal style and breadth of his experience will bring great value to the Group".

It also said progress was continuing on its troubled energy-from-waste contracts, but due to "anticipated timing and complexities of completion" that the final costs of settling the contracts will "significantly exceed the £160m now provided".

Following the trading update, shares in the company fell by around 50 per cent.

The appointment is the latest by Interserve new chief executive Debbie White, who only took over as Interserve's boss on September 1.



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