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EG solutions appoints new CFO

Published: 07:35 04 Jul 2016 BST

a board room with chairs round the table
As well as a new CFO, EG has appointed a new non-executive chairman and non-executive director in recent weeks

Back office software optimisation firm EG Solutions plc (LON:EGS) has appointed Michael Woolley as the company’s new chief financial officer, who will step into his new position with immediate effect.

He will replace Jonathan Kay who tendered his resignation last month.

Woolley joined EG back in November 2014 as financial controller, after previously being the senior management accountant at Pets at Home Group PLC (LON:PETS), overseeing the pet retailer’s IPO back in 2014.

“Michael's appointment further strengthens the newly formed Board and we are pleased with the progress he continues to make to the financial and operational performance of EG,” said chief executive Elizabeth Gooch.

Woolley’s appointment is the latest in a series of board changes at EG.

Last month, Nigel Payne replaced Duncan McIntyre as the new non-executive chairman, while City veteran George Rolls was appointed non-executive director, taking over from the outgoing Mark Brady and John Brougham.

The board changes came after the company issued a profit warning in June.

which said trading performance and cash generation in the first half will be lower than what the firm had anticipated.

Last month, the software company told investors it is retaining its previous guidance for 2016, but trading for the first half of the year is now expected to be lower than previously anticipated.

It explained that cash generation for the first six months was also lower than anticipated, but it expects a better performance in the second half which will offset the shortfall in the first half.

Shares closed on Friday at 51p.

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