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Capita CEO to Retire

Capita has announced the retirement of its CEO, Paul Pindar, with effect from February 28, 2014. Pindar will step down after 26 years with the company. Andy Parker, Capita's current Deputy Chief Executive and Joint COO, will succeed Paul as Chief Executive from March 1, 2014.  Dawn Marriott-Sims, currently Executive Director of Capita's Workplace Services division, will be appointed to the Group Board and succeed Parker as Joint COO with effect from January 1, 2014.

Pindar has become the third CEO of a major U.K. outsourcing company to resign this year. The other two, Nick Buckles of G4S and Chris Hyman of Serco, both left behind companies that are being investigated for fraud by the British Government. No such allegations have been directed at Capita.

The company has done extremely well under the leadership of Pindar. In the past ten years alone:

  • Its revenue has more than doubled (from £1,081m full year in 2003 to £1,891m in H1 2013 alone)
  • The share price has increased by > +316% over the last 10 years, compared with the FTSE (>+52%).

Pindar leaves the company in good shape, with:

  • £2.9bn of major new contract wins so far this year
  • An anticipated organic topline growth of 8%
  • An operating margin that is expected to stay steady at 12.5% to 13.5% for the foreseeable future.

Today's announcement coincides with the news that Capita has resolved the problem of its under-performing personal insurance BPO businesses. It is selling Lancaster Insurance Services, Sureterm Direct, BDML Connect and Delta Underwriting to Markerstudy Group for an undisclosed price. The four businesses (685 personnel based across three locations) are expected to generate ~£47m in revenue and make a combined operating loss of £15m in 2013. Capita is also closing its SIP administration business based in Salisbury.

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