WH Smith hires former Balfour Beatty CEO Leo Quinn as executive chair

WH Smith PLC has recruited corporate turn-around expert Leo Quinn to be executive chair, as it seeks to put a damaging accounting error behind it.

Shares in the Swindon, England-based travel retail shop chain were up 11% to 696.58 pence early Monday in London, though they remain down 41% over the past 12 months. The wider FTSE 250 index was down 0.5% on Monday.

Quinn is the former chief executive officer of construction firm Balfour Beatty PLC, where he led a ‘significant business transformation’, WH Smith noted. Quinn will take the chair on April 7, while Non-Executive Chair Annette Court will leave the board at WH Smith’s annual general meeting on February 2.

Senior Independent Director Simon Emeny will act as interim non-executive chair until Quinn’s appointment.

‘The board strongly believes that Leo’s record of leadership and significant experience of successfully delivering transformation for large international companies make him the right candidate to deliver the group’s return to stability and long-term growth strategy,’ Court said.

Back in August, WH Smith said a financial review identified an overstatement of around £30 million of expected headline trading profit in North America. It tied this to the accelerated recognition of supplier income in its North America division.

In December, the UK’s financial watchdog launched an investigation into the accounting error. The UK Financial Conduct Authority started the investigation following a review by accountants Deloitte that led to the resignation of Carl Cowling as chief executive in November.

Deloitte’s probe found that the accounting treatment for supplier income adopted by the US division was not consistent with the group’s accounting policy and the requirements of the relevant accounting standards.

‘I intend to ensure the company has the right foundations in place to deliver long?term value for its investors, business partners and employees,’ Quinn said on Monday.

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