IWG CFO Dominik de Daniel steps down in wake of profit warning

IWG has appointed Eric Hageman as interim CFO until a permanent replacement for Dominik de Daniel is found

IWG has been a takeover target recently, having turned down a number of bids

IWG PLC (LON:IWG) said on Wednesday Dominik de Daniel, chief financial officer and chief operating officer, is to step down from the workspace provider after warning 2018 profit would miss expectations.  

The FTSE 250-listed company said De Daniel is leaving to pursue other opportunities and will stay at IWG for a transitional period to ensure a smooth handover.

READ: IWG slumps as it issues profit warning despite strong global sales

Eric Hageman, a former CFO of TeleCity Group PLC in the UK and Royal KPN NV in the Netherlands, has been appointed interim CFO until a permanent replacement for de Daniel is found.

Chairman, Doug Sutherland, said: “Completing his third year, Dominik leaves the Group with a strong balance sheet to support our growth ambitions. We wish Dominik the very best for the future and look forward to engaging with Eric in his new role."

IWG issued a profit warning in June, blaming the cost of opening new sites and a poor performance in Britain where Brexit uncertainty has led to weaker business confidence.

It said operating profit for the 2018 financial year was expected to be around £15mln-£20mln less than management’s prior expectations.

The company has also been a takeover target recently. In August, IWG ended takeover talks with rivals Starwood Capital, TDR Capital and Terra Firm a month after real estate investor Prime Opportunities pulled out of the race to buy the firm in July.

READ: IWG shares plummet as it ends takeover talks with three suitors

The group also received a joint approach from Canadian bidders Onex Corp and Brookfield Asset Management in December but the talks fell apart in February.

Quick facts: IWG PLC

Price: £4.02

Market: LSE
Market Cap: £3.59 billion

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