HSS Hire’s shares took a gentle hammering this morning after the tool rental business announced the departure of its chief executive.
After eight years at the firm, John Gill will leave once HSS has found a successor and following a handover period.
Gill was named chief executive in September 2015 after serving as chief operating officer for 15 months prior to that and more than five years as chief financial officer.
HSS floated on the London Stock Exchange in February 2015 with a share price of 210p.
After a string of disappointing results, shares had dropped to below 70p by September, when Gill took the reins. This morning, HSS shares dropped three per cent to 62.4p.
Gill previously worked for Screwfix Direct, Kingfisher and GE Capital.
HSS chairman Alan Peterson said:
John has made an important contribution to the development of the business since joining HSS in 2009. As CEO from September 2015 he has led the company through a period of significant change as we implemented our new operating model.
With this work now largely complete, the focus shifts to driving sales growth through the new network and the board believes it is the right time to look outside the business for a new CEO who can lead this next phase of our recovery.