BusinessCompany NewsEssar Energy CFO quits role to go back to school

Essar Energy CFO quits role to go back to school

Gerry Bacon stands down as CFO of FTSE 100 company Essar Energy after just five months to study art history

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.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor