“Relationship with a colleague” forces FTSE 100 finance chief to step down
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The chief financial officer at FTSE 100 firm RS Group stepped down today after notifying the company’s board about a relationship with another member of staff.
The company, which distributes industrial and electronics products, said that chief financial officer David Egan would leave the business “with immediate effect”.
“Very recently I notified the board of a personal relationship with a colleague. Following a detailed review by the board, I recognise that there have been some shortcomings of judgement on my part and my actions have fallen short of the high standards expected of RS leadership,” David Egan, the firm’s chief financial officer, said in a statement today.
“Therefore, it is right for me to step down from my role,” he added.
“I would like to thank all the people at RS for their support and commitment during my tenure,” he said.
Jane Titchener will take over as interim chief financial officer until a permanent replacement CFO is appointed, the firm said.
Chair Rona Fairhead said: “Following a thorough review, the board has accepted David’s resignation and in stepping down he recognises the importance of leaders setting and abiding by exemplary standards.
“I would like to acknowledge the significant contribution David has made in his seven years at RS, driving transformation both as CFO and on two occasions as Acting CEO. On behalf of the board, I thank him for his years of service and wish him the very best for the future.”
Shares in RS Group, formerly known as Electrocomponents, were down just over one per cent at the time of reporting.