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.
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.