Shares in Compass Group (LON:CPG) have fallen into the red as the company announced that its finance director will leave the company by the end of the year. The catering group said that the search for a new finance chief will start immediately.
As of 09:49 BST, Compass’ share price had given up 1.39 percent to 1,599.50p, underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.16 percent lower at 7,581.17 points. The group’s shares have given up less than one percent of their value over the past year, as compared with a near three-percent rise in the Footsie.
Compass finance chief to step down
Compass announced in a short statement this morning that Johnny Thomson was standing down from his role as group finance director. He will leave by the end of December, while the search for a successor will be started immediately.
“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,” Compass chief executive Dominic Blakemore commented in the statement.
Proactive Investors quoted analysts at Liberum as commenting that they expected the “vacancy to attract a lot of interest both internally and externally given its global operations and M&A and disposal activity”.
Analyst ratings update
The 23 analysts offering 12-month price targets for Compass for the Financial Times have a median target of 1,650.00p on the shares, with a high estimate of 1,850.00p and a low estimate of 1,480.00p. As of June 29, the consensus forecast amongst 28 polled investment analysts covering the catering group has it that the company will outperform the market.