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UPDATE 1-More change at top of TalkTalk as finance chief exits
July 10, 2017 / 7:57 AM / 5 months ago

UPDATE 1-More change at top of TalkTalk as finance chief exits

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LONDON, July 10 (Reuters) - TalkTalk Telecom Chief Financial Officer Iain Torrens will step down this year, continuing the reshaping of the British company’s top team under founder and Executive Chairman Charles Dunstone.

Dunstone took over the running of TalkTalk in May when Dido Harding quit as chief executive.

Torrens will be succeeded by Kate Ferry, the current director of investor relations and corporate affairs at electricals retailer Dixons Carphone, the company said on Monday. No exact dates were issued.

Ferry has been with Dixons Carphone for seven years. Prior to that she was a retail analyst at Merrill Lynch and an audit manager at PwC. Dunstone is the former chairman of Dixons Carphone.

“As we continue our journey under the new leadership team and with a refocused direction, Kate brings a wealth of experience to the role,” said Dunstone, who owns around 31 percent of the company.

In May he forecast a drop in earnings this year and halved the firm’s annual dividend to help fund measures designed to return the broadband provider to its roots as the low-cost challenger to BT, Virgin and Sky.

Shares in TalkTalk are down 11 percent year-on-year but are up 10 percent in 2017 so far.

They were up 0.5 percent at 186 pence at 0733 GMT, valuing the business at 1.8 billion pounds ($2.3 billion). ($1 = 0.7760 pounds) (Reporting by James Davey; editing by Jason Neely/Keith Weir)

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