LONDON (ShareCast) - (ShareCast News) - Mitie Group has appointed ex-Virgin Active boss Paul Woolf as its new chief finance officer, with current CFO Sandip Mahajan, leaving the board and taking a newly created role at the company after less than 10 months in the job.
Mahajan, who started at group CFO in February 2017, will step down from the board in order to take a new role of 'chief financial transformation officer'.

Chief executive Phil Bentley, who was appointed just over a year ago to lead a transformation programme after a major profit warning, said: "Sandip has been invaluable to Mitie's turnaround story since he joined the organisation earlier this year, and I am delighted he will be staying with the organisation to complete the upgrade of our group-wide finance function from a systems, governance and people perspective."

Chairman Derek Mapp added: "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."

But Bentley highlighted a different sent of strengths Woolf would bring to the company, pointing to his being a "a highly-regarded leader" with "a proven track record in operational, financial and strategic oversight and execution".

He went on: "As Mitie continues to roll out its pioneering 'Connected Workspace' strategy and seeks to deliver exceptional service and value to its customers, Paul's skills will be of immense value to the Group."

Likewise, Mapp noted Woolf's experience as a CEO, CFO and COO in both public and private companies.

A year after the profit warning that precipitated the departure of previous boss Ruby McGregor-Smith, in September Mitie revealed it will cut around 480 jobs as a result of the transformation programme and announced that, as part of a wider strategic review, it is considering selling its property management business.

In August, Mitie came under investigation by the Financial Conduct Authority over the timing and preparation of last September's profit warning issued by McGregor-Smith.

The FCA is also looking at "the manner of preparation and content of the company's financial information, position and results for the period ending 31 March 2016", which follows the launch of another investigation by the Financial Reporting Council that is thought to be focused on the role of auditor Deloitte.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE