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From The Sunday Times
November 9, 2008

Sudden exit for Rentokil chief

Ben Marlow

ANDREW MACFARLANE, the financial director of pest-control company Rentokil, is leaving the firm just seven months into the troubled company’s five-year turnround plan.

The news will come as a shock to investors who were not told of Macfarlane’s departure when chief executive Alan Brown reported a 73% fall in Rentokil’s profits to £16.6m at its third-quarter results last Friday.

Macfarlane joined in 2005 from Land Securities. It is not clear whether he volunteered his resignation but headhunters have been appointed to replace him. He is expected to stay until the company’s preliminary results at the end of February.

He will be the last of the Rentokil old-guard to leave after Brown and chairman John McAdam joined from ICI in March.

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Rentokil recently quelled fears over its debt facilities through a crucial refinancing that gave it breathing space.

It raised £125m and said it would pay a £250m bond that matures later this month from existing credit facilities giving it guarantees of more than £350m until January 2010.

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