John Menzies finance director becomes latest to move on

Edinburgh-based distribution firm John Menzies has lost finance director Paula Bell to communications group Spirent.

She will leave on July 29 and be replaced from July 1 by Giles Wilson, who joined in 2011 as finance director of Menzies Aviation and is currently senior vice-president of its Middle East, India and Africa business.

The logistics group said yesterday that Ms Bell, who succeeded long-serving Paul Dollman in May 2013, had given notice of her intention to resign to join Spirent, a bigger FT-250 company, as its chief financial officer.

Her departure follows setbacks in the aviation business that led to Ms Bell and first group’s chief executive in seven years, Jeremy Stafford, receiving no bonus last year as pre-tax profit missed targets, her total remuneration falling from £549,000 to £398,000.

Mr Stafford, who appointment in 2014, then resigned after 15 months at the start of this year.

The departures continue a theme of instability at the top of Menzies that has also included the sudden exit of aviation head Craig Smyth within months of his arrival.

Following Mr Stafford’s resignation, the group had returned to a three-director structure with no chief executive, with Ms Bell apparently restored to greater status and influence.

She had previously spent six years as finance director at consultancy Ricardo, after holding senior finance roles in Rolls Royce, AWG and BAA Gatwick. A non-executive at Laird Group, she moves to a £490million market cap company from the £300m Menzies.

Mr Wilson was previously finance director at Gallaher UK and Commercial Estates Group.

Chairman Iain Napier said: “He has been part of our succession plans and I am confident that he will make a positive impact.”

Ms Bell will replace Rachel Whiting as CFO at Spirent who had informed the board of her intention to retire in November last year.