UPDATE 2-Experian's CEO to become chairman, names finance chief as new CEO

Thu Jan 16, 2014 3:11am EST

Related Topics

* Changes will take effect after AGM in July

* Company searching for new FD, 2 new non-executives

* Q3 total revenue up 7 pct; organic revenue up 5 pct

* Says UK market conditions improving

By Matt Scuffham

LONDON, Jan 16 (Reuters) - Experian, the world's biggest credit checking firm, announced changes to its top management on Thursday with current chief executive Don Robert becoming chairman and finance director Brian Cassin taking over as CEO.

The changes follow current chairman John Peace's decision to step down in July after eight years in the role, a move which was announced last May. Peace had been under pressure to focus on his role as chairman of Standard Chartered which unveiled its own boardroom shake up last week.

Robert, who was appointed chief executive of Experian in 2005, steered the business, best known for checking consumers' credit records for banks and retailers, through the 2008 financial crisis and oversaw its diversification into new markets such as utilities and telecoms.

Cassin joined Experian in 2012, having previously been managing director of investment bank Greenhill.

The board changes will take effect after its annual meeting on July 16. The company has started the search for a new finance director and also intends to appoint two new non-executive directors.

"We focused on making sure that the company will continue to benefit from valuable continuity within the senior leadership of the business into the medium term as well as maintaining the team-based culture," said Deputy Chairman Alan Rudge, who will also retire in July.

Rudge will be replaced by George Rose, the former finance director of BAE Systems who was appointed a non-executive director at Experian in 2012.

THIRD-QUARTER GROWTH

Experian also said on Thursday that it delivered good growth in the last three months, its fiscal third quarter, with total revenue up by 7 percent and organic revenue growth of 5 percent.

The performance was boosted by a 16 percent increase in revenue at Experian's Decision Analytics division, fuelled by sales of fraud prevention products.

Experian said it had seen improving conditions in markets such as Britain while other markets had been challenging, with a weak economic environment in Brazil and softness in U.S. mortgage activity.

The company expects revenue growth, excluding acquisitions, to be at least comparable to the third quarter in the second half as a whole, and expects a "modestly improved" profit margin at constant currency rates.

Organic revenue was up 6 percent in the first six months of the current year, and up 8 percent the previous year.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.