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The appointment follows Mark Ferrari’s decision to return to Boston and Fidelity after having completed his secondment from Fidelity Investments. He will step down from the Colt Board as an Executive Director on 31 October 2014 and will leave the Company on 31 December 2014.
Commenting on the appointment, Rakesh Bhasin, Chief Executive Officer, Colt said: “We welcome Hugo to Colt at an exciting time as we reposition the business for significant growth opportunities with our lines of business. Hugo brings a wealth of experience to Colt, including extensive financial, commercial and operational experience with complex global organisations and IT services companies. Mark returns to Fidelity Investments with our thanks for his significant contribution to Colt over the last three and a half years.”
Hugo has held senior leadership roles in telecommunications and IT Services companies where he led financial and operational transformation. Previous roles include Global Chief Financial Officer for BT Global Services where he drove significant cost transformation, managed positive cash flow and profitability across the organisation and drove cultural transformation within the finance teams. Prior to BT Global Services, he spent 15 years at CSC Computer Sciences Ltd, an IT outsourcing company where he held a number of senior roles in the UK, US and Switzerland. His early career was spent with Laurentian Life and Salomon Brothers.
Hugo Eales commented: “I am delighted to join Colt and look forward to driving profitable revenue growth, creating improved commercial focus across the business and increasing shareholder value.”
There are no other matters requiring disclosure in accordance with Listing Rule 9.6.13 in respect of Mr Eales’ appointment as a Director of the Company.
