Interserve chairman Glyn Barker is preparing to step down following deal that saw the struggling outsourcing firm taken over by a consortium of its lenders.
The company is working with recruitment search firm Heidrick & Struggles to appoint a successor, Sky News reported.
Barker, who was appointed as Interserve chairman in March 2016, previously held several senior roles during his 35 year career at Pricewaterhouse Cooper.
He is currently a non-executive director at Aviva, Berkeley Group, Irwin Mitchell and is an adviser to Novalpina Capital.
Interserve briefly fell into administration earlier this year after shareholders rejected a plan to alleviate most of its £630m debt pile.
Lenders including RBS and hedge fund Davidson Kempner bought the company out of administration via a pre-pack arrangement.
All existing shareholders, including US hedge fund Coltrane Asset Management which had been railing against the rescue deal, were wiped out in the administration.
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Coltrane had been opposed to the terms of the deal, which diluted shareholder value in the outsourcer to five per cent.
City A.M. has contacted Interserve for comment.