Shares in Saga (LON:SAGA) have lost more than two percent in London this morning, as the company disclosed that its finance chief was to leave the company for Paddy Power Betfair (LON:PPB). The move marks another executive change at the cruises-to-insurance group for the over-50s which recently poached Old Mutual’s (LON:OML) chairman Patrick O’Sullivan.
As of 09:38 GMT, Saga’s share price had given up 2.11 percent to 111.10p, underperforming the mid-cap FTSE 250 index which currently stands 1.09 percent lower at 19,177.00 points. Paddy Power Betfair’s share price meanwhile is 2.07 percent worse off at 7,110.00p, as compared with a 1.03-percent dip in the benchmark FTSE 100 index.
Saga’s CFO to step down
Saga announced in a statement this morning that its chief financial officer Jonathan Hill had informed the company’s board of his decision to resign from the group to take the top finance job at Paddy Power Betfair. He will stay with the lifestyle group until September.
“Jonathan has played a key role in Saga since he joined in 2015. I would like to personally thank him for his invaluable support over the past three years,” the group’s chief executive Lance Batchelor commented in the statement.
Saga noted that the search process for a successor to Hill would start immediately, with the company to “update the market as soon as this has concluded”.
Analysts on lifestyle group
The seven analysts offering 12-month price targets for Saga for the Financial Times have a median target of 135.00p, with a high estimate of 195.00p and a low estimate of 115.00p. As of March 27, the consensus forecast amongst seven polled investment analysts covering the lifestyle group has it that the company will outperform the market.