Jobs warning at NFC...
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by Martin Heminway • NFC's new chairman has warned of further job losses, a month after the group posted stagnant financial results.
Speaking at the group's AGM, Sir Christopher Bland confirmed that a rationalisation programme which started last year with the merger of BRS and Exel Logistics would continue with a rigorous cost controls.
Working capital and new investment is to be strictly monitored and the group's organisational structure simplified. This is expected to cost jobs but NFC will not say how many or where.
Sir Christopher, who succeeded James Watson as chairman in December, added that the group is still searching for a suitable replacement for chief executive Peter Sherlock who resigned his post acrimoniously last August after only 18 months in the job. D NFC's financial performance last year came under attack from some of the estimated 300 shareholders who attended the group's AGM; many are employees or ex-employees of the former state-owned company.
One shareholder suggested the entire board should resign after £1 was wiped off the group's share price in a year, including 30p in one day.