NFC boss walks out after 18 months
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by Amanda Bradbury • Peter Sherlock, the controversial chief executive of NFC, resigned on Monday (22 August) and left the following day, after only 18 months with the group.
Sherlock's departure follows boardroom disquiet with his management style, which aimed to shake up the former nationalised company, cutting overheads and improving NFC's ailing relationship with the City.
Robbie Burns, managing director of UK transport & logistics, is staying with the company—he is understood to have resigned over a clash of philosophies in May and was due to leave next month. NFC refuses to confirm that Burns will get the chief executive's post: he applied for it last year but it was given to Sherlock.
Sherlock could have decided to leave after he predicted annual earnings growth of 15%: this will be hard to achieve in the near future.
The group's year-to-date pretax and pre-exceptionals profits are .06.5m. This is 22% ahead of the same period last year hut only because of cash raised in last year's rights issue. It will not satisfy the City, which was expecting up to £79rn.
Sherlock earned £254,000 a year with NFC and owned some £78,000 worth of group shares. He may go back into the leisure industry, which he admires for its acceptance of weekend working and long hours.
NFC's UK pension fund value has dropped following revaluation, despite a pensions credit growth of £1.5m.