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Comments Off on Outsourcing Group Mitie Names Phil Bentley as New CEO

Outsourcing Group Mitie Names Phil Bentley as New CEO

Posted by Admin | October 10, 2016 | Telecoms

British outsourcing group Mitie named Phil Bentley as its new chief executive, announcing that Ruby McGregor-Smith would step down this December after more than nine years in the job.

The pest control to cleaning, security and ancillary healthcare services provider said it had started a review of its CEO succession plan last year, at McGregor-Smith’s request.

Mitie has been under pressure after it warned on profits in September, blaming June’s Brexit vote for large new contracts failing to emerge as its clients put off new investment decisions.

Major business surveys have showed a marked slowdown in the services sector, with boardrooms filled with doubt about the future following the country’s vote to leave the European Union.

Key measures of business investment and turnover confidence hit four-year lows in the third quarter, the British Chambers of Commerce (BCC) said in its Quarterly Economic Survey of 7,000 businesses – the largest of its kind.

“In light of last month’s profit warning… the timing of this announcement is likely to create some uncertainty, with management change in the sector often a catalyst for further issues to be identified,” Canaccord Genuity analysts wrote in a note for clients.

Bentley was formerly the chief executive of UK-based telecoms firm Cable & Wireless and before that had run British Gas, part of Centrica. He will join in November before taking the top job on December 12.

Source: uk.reuters

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