16th Jan 2014 08:29
LONDON (Alliance News) - Experian PLC Thursday unveiled a boardroom shuffle with current Chief Executive Don Robert to replace John Peace as chairman, while current Chief Financial Officer Brian Cassin is set to become the company's new chief executive.
Experian, which provides personal credit checks, said the changes were made after Peace in May said he would be leaving the company. The move allows him to focus on his chairmanship of Standard Chartered, which unveiled its own array of management changes last week.
Experian said it has begun to seek out a new CFO, adding that the appointee will come from outside the company.
The boardroom changes will be effective after the company's annual general meeting on July 16.
In a separate statement, Experian said its growth in the third-quarter had been strong, with total revenue growth of 7% and organic revenue growth of 5%.
The FTSE 100 constituent said all its business lines contributed to the growth, and it expects organic revenue growth for the second-half to be at least similar to that in the third quarter. Experian added that its expects to see "modestly improved margins" at constant currency for the full-year, with cash flow conversion of at least 90%.
"Notably, our Decision Analytics business grew 16%, fuelled by fraud prevention products and strong sales of our flagship PowerCurve software platform. We have also seen improving conditions in some markets such as the UK, and we're making significant progress on the strategic investments we have made in prior years which are providing new sources of growth," Experian said in a statement.
However, Experian noted that some of its markets remained challenging, citing a weak economic environment in Brazil, and "softness" in US mortgage activity.
During the quarter, Experian completed the acquisitions of 41st Parameter and Passport Health Communications.
It said the acquisitions both made strong starts, with good take up with clients.
Experian will release its results for the full-year on May 7.
Experian shares were up 0.1% early Thursday at 1,151.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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