Interserve FD Tim Jones has decided to leave the group to become group FD at pub operator Mitchells and Butlers.
Mr Jones has a 12-month notice period under his existing contract and will be remaining at Interserve for an undetermined period to ensure an orderly handover to his successor.
Interserve will be appointing search consultants who will seek potential candidates from both external and internal sources.
Interserve chief executive Adrian Ringrose said: “On behalf of our shareholders and everyone who has worked with and for Interserve, I would like to thank Tim for all his work over the last seven years. He has been a first-class finance director and we wish him well in his future career.”
In a reaction from the city, Panmure Gordon analyst Andy Brown said: “Management change creates uncertainty and with nagging investor doubt about other recent issues, we expect the share price to now struggle to make headway.”
“We therefore take a more cautious near term view and downgrade our recommendation to a Sell, and reduce our Target Price from 280p to 200p.”
The shares are currently trading at 219p.