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Mitie appoints second CFO in nine months

Mitie has appointed the former boss of Virgin Active Health Clubs as its new CFO as current incumbant Sandip Mahajan moves to become the outsourcing firm’s first chief transformation officer. 

Mr Mahajan, who will step down from the board, only joined Mitie in February this year, having previously been finance director for Balfour Beatty.

He has been replaced by Paul Woolf, who spent three-and-a-half years as Virgin Active’s chief executive up until March this year. 

Mitie chief executive Phil Bentley described Mr Woolf as a “highly regarded leader with industry expertise and a proven track record in operational, financial and strategic oversight and execution”.  

Mitie has been hit by a string of profit warnings in the last 18 months and revealed in June it will implement a transformation programme to cut operating costs by £40m by 2020. 

That announcement came as Mitie posted a £42.9m operating loss for the 12 months to 31 March 2017. 

Mr Bentley added: “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.”

Mitie’s share price closed down 2 per cent at 232p on Monday.

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