CREDIT CHECKING group Experian has said that is finance chief will step up to chief executive as part of a shake-up of senior management.
In a move that goes against guidelines on corporate governance, the FTSE 100 company revealed chief executive Don Robert will replace outgoing chairman Sir John Pearce, while Brian Cassin, chief financial officer, will succeed Robert as CEO.
The FRC's corporate governance code states that chief executives should not become chairman of the same company. However, under the code the rules can be applied on a comply or explain basis.
In an announcement to the stock exchange, Experian said the appointment would "maximise the likelihood of preserving the company's unique and successful culture".
"The nomination & corporate governance committee, having considered external and internal candidates and having undertaken a rigorous process, came to the conclusion that Don Robert was the outstanding candidate for this position," Experian said.
"The appointment also provides the additional significant benefit of strong existing knowledge of Experian, a key consideration given the highly complex and unique nature of the business."
Cassin has been CFO since April 2012, having joined Experian from Greenhill & Co. International.
According to the 2014 Financial Director Salary Survey, Cassin earned a salary of £413,000 and took home a bonus of £675,000 in the last financial year.
"The board has concluded that Brian Cassin is the outstanding candidate for the role of chief executive officer. In making this decision the board took into consideration his exemplary performance as chief financial officer over the past two years, during which the board considers he has evidenced a broad range of operational competencies including clear leadership and strong decisive management skills, coupled with deep commercial acumen and a firm grasp of strategy," Experian said.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.