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| Mitie's chief executive steps down after 'decade at the top' Mitie's chief executive steps down after 'decade at the top' | |
| (about 17 hours later) | |
| Mitie’s longstanding chief executive, Ruby McGregor-Smith, is to leave the outsourcing company, which three weeks ago shocked the City with a profits warning. | Mitie’s longstanding chief executive, Ruby McGregor-Smith, is to leave the outsourcing company, which three weeks ago shocked the City with a profits warning. |
| The company, which employs 63,000 people, said the search for a successor to Lady McGregor-Smith had begun late last year at her request. It has chosen Phil Bentley, who used to run British Gas and Cable & Wireless Communications. | The company, which employs 63,000 people, said the search for a successor to Lady McGregor-Smith had begun late last year at her request. It has chosen Phil Bentley, who used to run British Gas and Cable & Wireless Communications. |
| McGregor-Smith, who became the first Asian woman to run a FTSE 250 company when she took the top job in 2007, tweeted: “Decade at the top is the right time to step down, thanks to all my team, especially Suzanne [Baxter, the group finance director].” | McGregor-Smith, who became the first Asian woman to run a FTSE 250 company when she took the top job in 2007, tweeted: “Decade at the top is the right time to step down, thanks to all my team, especially Suzanne [Baxter, the group finance director].” |
| The company did not disclose the departure terms for McGregor-Smith – who received £2.6m last year – nor the terms on which Bentley had been recruited. He joins next month and takes over as chief executive on 12 December. | The company did not disclose the departure terms for McGregor-Smith – who received £2.6m last year – nor the terms on which Bentley had been recruited. He joins next month and takes over as chief executive on 12 December. |
| Mitie’s shares fell to a seven-year low last month after it blamed cuts to government spending, a slowdown in the economy and the vote to leave the EU for a downturn in business. The shares hit a low of 180p but have since recovered some of the loss ground to trade at 194p. | Mitie’s shares fell to a seven-year low last month after it blamed cuts to government spending, a slowdown in the economy and the vote to leave the EU for a downturn in business. The shares hit a low of 180p but have since recovered some of the loss ground to trade at 194p. |
| McGregor-Smith said last month that the trading environment was the most uncertain she had experienced in more than 20 years in the outsourcing business. | McGregor-Smith said last month that the trading environment was the most uncertain she had experienced in more than 20 years in the outsourcing business. |
| Roger Matthews, Mitie’s chairman, praised her for doubling the revenue and profits at the company in her decade at the helm. | Roger Matthews, Mitie’s chairman, praised her for doubling the revenue and profits at the company in her decade at the helm. |
| Bentley, who ran Cable & Wireless Communications until its takeover by the US cable group Liberty this year, said: “Ruby has done a brilliant job building Mitie into the admired industry leader it is today. Although it is a challenging time for the sector, we have a strong platform from which I am certain we can now prosper.” | Bentley, who ran Cable & Wireless Communications until its takeover by the US cable group Liberty this year, said: “Ruby has done a brilliant job building Mitie into the admired industry leader it is today. Although it is a challenging time for the sector, we have a strong platform from which I am certain we can now prosper.” |
| In an interview with Reuters on Monday, McGregor-Smith said: “All we did three weeks ago was say our profits will be slightly lower. We didn’t come out with anything too dramatic ... Of course [Bentley] will change things, as all CEOs do, but there are no planned changes at all at present. | In an interview with Reuters on Monday, McGregor-Smith said: “All we did three weeks ago was say our profits will be slightly lower. We didn’t come out with anything too dramatic ... Of course [Bentley] will change things, as all CEOs do, but there are no planned changes at all at present. |
| “[The group has] always known, and I’ve always known, that a decade was going to be the time when I said it is time for someone else to do the role.” | “[The group has] always known, and I’ve always known, that a decade was going to be the time when I said it is time for someone else to do the role.” |
| Mitie generates more than half its revenue from the private sector, and blamed the Brexit vote for making banks and other City firms delay office maintenance that would normally be commissioned in addition to cleaning contracts. | Mitie generates more than half its revenue from the private sector, and blamed the Brexit vote for making banks and other City firms delay office maintenance that would normally be commissioned in addition to cleaning contracts. |
| The company also has cleaning contracts with a wide range of businesses including the Ambassador Theatre Group, and maintenance contracts with London and Quadrant housing trust, and provides services to care homes. | The company also has cleaning contracts with a wide range of businesses including the Ambassador Theatre Group, and maintenance contracts with London and Quadrant housing trust, and provides services to care homes. |
| McGregor-Smith, a Conservative peer, said: “I would like to say a big thank you to everyone at Mitie who has helped make this such an extraordinary place to work, in particular my management team.” | McGregor-Smith, a Conservative peer, said: “I would like to say a big thank you to everyone at Mitie who has helped make this such an extraordinary place to work, in particular my management team.” |