Essar Energy CFO quits role to go back to school

The British CFO of Indian FTSE 100 company Essar Energy has resigned his position just five months after taking the job.

Gerry Bacon is to study art history at Reading University, a decision made in June following the £1.3bn flotation of the firm . Share prices initially fell 7% after the IPO as the company struggled to attract institutional investors, although they have now recovered.

The company also announced a fall of pre-tax profits to £112m from £156m due to weak retail prices and a volatile inventory. Revenue had risen 66% to £4.76bn

Bacon will be replaced by the current finance director of the Essar Oil division, P Sampath.