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Ex-BPP chief to run Findel

Wed, 15th Sep 2010 08:00

Philip Maudsley's tenure as Findel's chief executive has been brought to an end after less than ten months, replaced at the struggling home shopping group by the old boss of professional training and education firm BPP, Roger Siddle.Findel handed the top prize to 20-year veteran Maudsley last November, but in that time the business has lost three quarters of its value and the shares now languish near an all-time low.The final nail in his coffin was the scrapping of the dividend in July as full-year losses swelled to £76.1m following a poor performance at its education supplies division. It's hoped Siddle, who starts his new job straight away, can use his experience at BPP, and as a former managing partner at business consultants Bain & Company, to help turn things around.He's already spent the past four months advising Findel on its 'Full Potential' review."His decision to take on the position of CEO is testament to our collective belief in the potential for the group," chairman David Sugden said. "I have worked alongside Roger in the past, and he has a proven track record as a manager, demonstrated during his time at BPP and Bain, and combines operational experience with strategic expertise."Maudsley "has agreed to focus his efforts where they will be most valuable to the group", keeping his seat on the board as managing director of the home shopping business.

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