Egg shuffles top brass

Bankers, eh

By Tim Richardson • Get more from this author

Posted in Financial News, 27th April 2005 11:37 GMT

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Egg is restructuring its top management as part of plans to save the internet bank £12m a year.

CFO David Doyle will quit the company on 16 May after less than two years as chief beancounter. He will be replaced by COO Mark Nancarrow while chief exec Paul Gratton will take responsibility for "Risk, Audit and Legal functions", as well as the overall strategy of the e-bank.

As previously announced, executive vice chairman Mike Harris is also moving on, while non-exec director Jonathan Bloomer has just a week or so left to clear his desk before retiring from the board.

Oh, and staff will also have to have a whip round for company secretary and chief legal officer, Marcus Ezekiel, who's also on the way out. He will be replaced by Sue Windridge, currently deputy company secretary

Said Egg chief exec Paul Gratton: "We have been exercising strong control over our costs. This restructure aligns our senior management more closely with our strategy which is now fully focused on the core UK business."

The shake-up at the top comes as Egg announced that Q1 operating profit for its core UK operation fell from £15.7m last year to £9.9m. At the same time revenues in the UK during the first three months of the year were up 4 per cent at £125m. ®