Business - FD merry-go-round
Finance director Phil Cox of supermarket chain Asda is to retire in the autumn after seven years at the company.
He will be replaced by business development director Tony De Nunzio who has worked as retail finance director, commercial director and head of home and leisure.
Cox said: ‘I think I probably won’t want to do another full-time executive role. You never have time to sit back and think what you might want to do next.’
The changes at Asda emerged in a week when several other FDs also left their positions.
Following the merger with BP, Amoco’s US FD John Carl decided to jump ship because he did not want to work in London.
Parcel and mail delivery group Business Post announced that FD Torquil Montague-Johnson is to leave after personal frictions and differing approaches. He will vacate the post within six months.
Troubled high street retailer Laura Ashley announced its fifth management reshuffle in seven years last week. The move saw FD Richard Pennycook, who joined the company in March, announce his departure. ‘The news shouldn’t be a huge surprise,’ he said. ‘The business needs to make big savings by radical restructuring and we’ve restructured ourselves out of jobs.’
English China Clays has also lost its FD Patrick Drayton who is to return to Schroders, the banking group, from which he joined ECC in 1992.
Football Association FD Mark Day has retired after 11 years. He is succeeded by Michael Cunnah who joins from his role as corporate finance director of Coca-Cola Schweppes Beverages.