- Push-out Score suggests push-out forces
- After almost three years on the job
- Praise, thanks and good wishes for Torrens
- Kate Ferry taking over
(exechange) — London, United Kingdom, July 10, 2017 — Iain Torrens, finance chief of TalkTalk, leaves the position. As announced by TalkTalk Telecom Group PLC in a regulatory filing published on Monday, July 10, 2017, Iain Torrens, Chief Financial Officer, leaves the telecommunications company in a surprising move after almost three years on the job, effective later this year.
No company wants a CFO to flame out in the first years.
Torrens’ move comes two months after Tristia Harrison took over as CEO of TalkTalk Telecom Group PLC.
Torrens’ duties are taken over by Kate Ferry, currently Director of Investor Relations and Corporate Affairs at Dixons Carphone plc.
The fact that Torrens’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, TalkTalk did not explicitly explain the reason for Torrens’ move, leaving room for speculation.
Precise information about the future plans of Torrens was not immediately available.
TalkTalk said: “Iain Torrens, Group CFO, intends to step down from the Board later this year.”
“A further announcement will be made when the exact dates have been confirmed,” TalkTalk said.
Share price decline
The change follows a sharp decline in the share price of TalkTalk Telecom Group PLC since July 2015.
Chaired by Sir Charles Dunstone
TalkTalk Telecom Group PLC is chaired by Sir Charles Dunstone.
He was appointed Chairman of TalkTalk in 2010 and became Executive Chairman in May 2017.
CEO: Tristia Harrison
Tristia Harrison serves as CEO of TalkTalk Telecom Group PLC. Tristia Harrison has been the Chief Executive Officer at TalkTalk Telecom Group PLC since May 2017.
On the job as CFO since 2015
Iain Torrens was appointed Chief Financial Officer of TalkTalk Group in January 2015.
Prior to joining TalkTalk, Torrens served as Group Finance Director of ICAP plc between November 2010 and December 2014, having previously held a number of senior finance roles for ICAP plc, CP Ships Limited and Cookson Group plc.
Torrens is a fellow of the Institute of Chartered Accountants in Ireland.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Iain Torrens’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 29.2017 ($).