Rentokil Initial Announces New CFO
Rentokil Initial has promoted Stuart Ingall-Tombs, CFO of its North America region, to the position of Group CFO with effect from 14 August 2020.
Ingall-Tombs who has been with the group since 2007 also previously served as CFO Europe and Group Financial Controller and Treasurer. He will receive an annual base salary of £500,000 (rising to £550,000 on the first anniversary of his appointment, subject to satisfactory performance),
Current CFO, Jeremy Townsend, announced his intention to retire from the company on 27 February and has recently been appointed to the board of Wm Morrison Supermarkets Plc where he will serve as a Non-Executive Director.
Announcing the appointment, Richard Solomons, Rentokil Initial Chairman, said: “Jeremy has made a significant contribution to Rentokil Initial over the last ten years. With Andy, he has been a critical factor in the transformation and success of the Company over this period. After a thorough selection process, the Board is pleased to have chosen Stuart as our next CFO. His international financial and commercial experience and deep understanding of the whole group will support him playing a critical role as we continue to execute our RIGHT WAY strategy. On behalf of the board, I would like to thank Jeremy for all he has done for Rentokil Initial, to wish him well in his retirement, and we look forward to welcoming Stuart to the Board.”
Andy Ransom, the group’s Chief Executive, added: “I am delighted that we have appointed Stuart as Chief Financial Officer. I have worked closely with him ever since I joined the Company in 2008, and Stuart has a wealth of knowledge and understanding of our business, including the key North America market. He also has strong leadership skills and a consistent track record of performance which I am confident will enable him to make a significant impact in his new role. I would like to thank Jeremy for all he has done for Rentokil Initial. I have worked side by side with Jeremy over the last 10 years and he has been a wonderful colleague, hugely committed to the Company, providing great expertise, strategic insight and wise counsel to the Board and the executive team. He has also shown great leadership of both the finance team, including the development of his successor Stuart, as well as leading the IT team as CIO for over 5 years. I will miss working with him but wish him all the best for his retirement and non-executive career.”