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Interserve names new chief financial officer

Interserve has appointed a new chief financial officer after Tim Haywood left the company in June.

Mark Whiteling, who has held chief financial officer and finance director roles at firms including Premier Farnell and Communisis, will join Interserve on 1 October this year, and will also sit on the firm’s board.

Interserve issued a fresh profit warning last week after warning that costs from its problem energy-from-waste contracts will “significantly exceed” £160m.

Mr Whiteling is currently a non-executive director of two firms, Hogg Robinson Group and Connect Group. He chairs the audit committee for both companies.

Interserve chairman Glyn Barker said: “Mark’s appointment is the next step in strengthening our top team to lead the transformation of Interserve. 

He added: “His personal style and breadth of experience will bring great value to the group.”

Following on from the fresh profit warning, which came less than a fortnight into the reign of new chief executive Debbie White, the company said trading in July and August was “disappointing” in both support services and in its construction arm.

It also said progress was continuing on its troubled energy-from-waste contracts, but due to “anticipated timing and complexities of completion” that the final costs of settling the contracts will “significantly exceed the £160m currently provided”.

Following last week’s trading update, shares in the company fell by around 50 per cent to 77.00p, but shares have since recovered to 96.43p following this morning’s announcement. 

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