Support services giant Interserve is on the hunt for a new boss after announcing that its chief exec will stand down next year.
Adrian Ringrose, who joined the board of the group 15 years ago and has manned the tiller as chief exec since 2003, won't be sticking around in any other capacity and plans to leave the company.
14 November 2016 @ 4:30pmInterserve (IRV)
The firm also updated the market on trading, providing guidance on full year performance that was "in line" with previous forecasts. Shares in the group jumped nearly five per cent in trading during the day.
Interserve said that Ringrose's departure would see him "pursue the next phase of his career".
And chairman Glyn Barker lavished Ringrose with praise. "His dedication to the organisation has been and remains absolute and I wish him success and equal fulfilment in the next stage of his career," Barker said.
Nevertheless, Ringrose would stick around under a replacement was found. "This is expected to occur in 2017," the company said.
The group's troublesome energy from waste division remained a headache. "Significant risks still remain," Interserve said and added that it had paid a number of suppliers earlier than previously expected.
While this meant that cash balances were negatively impacted, the group said that it could compensate by better "working capital management" – taking longer to pay suppliers and/or getting customers to pay bills earlier – across the rest of the company.