Mitie just hired its second finance chief in a year

 
Emma Haslett
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Mitie has struggled over the past 18 months (Source: Mitie)

Shares in outsourcing giant Mitie tumbled today after it announced the appointment of its second chief financial officer (CFO) this year.

Shares fell 1.6 per cent to 233.1p after it said it had hired Paul Woolf, the former boss of Virgin Active, as its group finance chief.

Sandip Mahajan, who joined the company as its CFO in February, will step down from the board and take on the role of chief financial transformation officer.

The company issued a profit warning in May last year and has struggled to get back on course since. It unveiled a £100m loss for 2016, then in January it warned on profits again, before revealing a £50m accounting writedown in May this year.

In August one of the profit warnings became the subject of a probe by the Financial Conduct Authority (FCA). Weeks later, it unveiled plans to cut 480 jobs by the end of this year.

Today Phil Bentley, the company's chief executive who it appointed to replace Ruby McGregor-Smith and turn the business around last year, said Woolf is a "highly-regarded leader".

"Paul's skills will be of immense value to the group," he said.

Meanwhile, chairman Derek Mapp paid tribute to Mahajan.

"Mitie has undergone a period of significant change in the last 12 months, and Sandip's attention to detail and deep understanding of our accounting and financial systems has been of outstanding value to our organisation," he said.

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