Yahoo Finance Carillion confirms departure of finance boss amid string of management changes
Troubled support services firm Carillion has confirmed the departure of its finance director as it announces a string of changes to its management team.
It was reported over the weekend that finance boss Zafar Khan was due to step down from the business, which has lost almost £800m from its market capitalisation in recent weeks.
In a statement to the stock market, Carillion said Mr Khan had left the company with immediate effect.
He has been replaced by Emma Mercer, who has previously served as finance director of Carillion's UK construction business, as well as chief financial officer and senior vice president of Carillion Canada.
Shares in the firm hit 40.57p on Monday morning after the news broke, close to their lowest ever price, before recovering slightly to close the day down 1.6pc at 43.16p.
The company also said that Richard Howson, who stepped down as chief executive of the troubled firm only to be reinstated as chief operating officer, will leave by the end of the year.
Adam Green, managing director of Carillion Construction Services and Nigel Taylor, managing director of Carillion Services, are also set to leave, as is group strategy director Shaun Carter.
Coming into the fold is new chief transformation officer Lee Watson, on secondment from Ernst & Young, and Andy Jones, the current boss of Carillion Canada who will begin as the group's chief operating officer next month.
The departure of Mr Khan represents a further blow to the company, which has endured weeks of chaos after a shock profit warning sent shares plummeting to record lows.
The sweeping changes to the firm's management will be seen as an initial step in new boss Keith Cochrane's plan to rescue the business.
Investors are braced for the announcement of the details of his strategy, which is due later this month.
