25th Sep 2015 06:38
LONDON (Alliance News) - Tool and equipment hire company HSS Hire Group PLC on Friday said its chief executive will step down from the company and be replaced by its chief operating officer, a move that comes following a torrid time for the company characterised by tough trading conditions and profit warnings.
HSS said Chris Davies, who has been with the company for nine years, will leave the chief executive role and will be replaced with immediate effect by John Gill. Davies will remain with the company until the end of the year to help with the transition.
Gill joined the company as chief financial officer in 2009 and was made chief operating officer in 2014. Prior to working for HSS, he was the finance director at Screwfix Ltd, a unit of DIY retailer Kingfisher PLC, and prior to this held other roles at Kingfisher and with GE Capital, the finance arm of General Electric Co.
HSS added that current trading remains in line with market expectations and said conditions are in line with those outlined in its interim results in August.
In those results, the company issued a profit warning due to continued softness in its trading conditions in August and said it would assess further cost-saving opportunities through a refinancing which will take place in 2016.
By Sam Unsted; [email protected]; @SamUAtAlliance
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