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Compass Group

Compass Group looking for new group finance director with Johnny Thomson to leave by end-December

The FTSE 100-listed firm – which lost its chief executive Richard Cousins at the start of the year following his death in a seaplane crash in Australia – said the search for Thomson’s successor will be started immediately

Catering
Dominic Blakemore, Cousins’ replacement as chief executive officer, said: "Johnny has played a critical role in Compass' success ... and he leaves the business in strong financial health"

Compass Group PLC (LON:CPG) is looking for a new group finance director after the contract caterer announced that Johnny Thomson is to stand down from the role by the end of December.

The FTSE 100-listed firm – which lost its chief executive Richard Cousins at the start of the year following his death with his family in a seaplane crash in Australia on New Year’s Eve – said the search for Thomson’s successor will be started immediately.

READ: Compass Group heads south as it serves up fall in half-year profits

Dominic Blakemore, Cousins’ replacement as chief executive officer, said: "Johnny has played a critical role in Compass' success, both managing regions of our Group and as Group Finance Director, and he leaves the business in strong financial health."

Back in May, the catering giant served up a 4.7% fall in first-half pre-tax profit to £792mln, impacted by foreign exchange headwinds, which meant revenues fell 0.8% to £11.38bn, down from £11.47bn a year earlier.

Despite the drop-off in profits, the world’s largest catering firm hiked its interim dividend by 10% to 12.3p and reaffirmed its full-year forecasts.

In early morning trading, Compass shares were 1.4% lower at 1,600p.

In a note to clients, analysts at Liberum Capital said: "This is the most significant management change since Dominic Blakemore succeeded Richard Cousins as CEO in January this year. Johnny has been with the company for 9 years, becoming group Group Finance Director in 2015 having previously been Regional manager for Latin America.

"It is not yet known where Johnny is going but we expect the Compass vacancy to attract a lot of interest both internally and externally given its global operations and M&A and disposal activity."

 -- Adds share price, analyst comment --

 

Quick facts: Compass Group

Price: £20.47

Market: LSE
Market Cap: £32.47 billion
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