The inspection, product testing and certification partner has moved McCluskey up the ranks from group financial controller, where he has been for two years, to the position of CFO, with immediate effect. The move follows the departure of Ed Leigh who has been at the company for the last five years.
In his departing statement, as reported by Proactive Investors, Leigh said: “It has been an amazing five years for me at Intertek. It is time for me to move into the next part of my journey and I wish Intertek all the very best for the future.”
Decline in revenue sees shares slide
Intertek’s first half revenue saw a drop of 1.8 per cent to GBP1.35billion when published a couple of weeks ago, leaving its share price struggling. Currently it is standing at 5,224.00, down 32.00 (0.61%) as of BST 09.50. It has dropped significantly from it’s opening position of 5242.00 at BST 08.00
Organisational restructure in response to poor performance
In response to the poor performance figures, Intertek has pledged to remove an entire organisational level, affecting IT and finance roles. On Monday, it was revealed that it has been awarded a contract for providing steel testing services for the Australian Future Submarine Program, in one of the first total quality assurance contracts with Naval Group, a major naval defence leader in Europe. It will be hoping that the change in CFO and organisational structure, along with the new contract, will boost its flagging share price.
Analysts advise ‘hold’ position on shares
According to the Financial Times, most analysts are still advising investors to hold their position in the company. This is likely to be a longer term position with the changes in infrastructure and new contracts expected to have a more positive impact on profits.