Capita chief Paul Pindar to step down after 26 years
Capita Chief Executive Paul Pindar is to step down in early 2014 after 26 years at the firm, leaving Britain's largest outsourcing company at a key time as the sector comes under increasing scrutiny.
Pindar, a trained accountant who has run the firm since 1999, will be replaced by Deputy Chief Executive Andy Parker on March 1, 2014. He leaves the group in a strong position and analysts said the shares, which were earlier this year trading at an all time high, could slip on the announcement.
His replacement Parker joined the group in 2001 and was appointed to the board as joint chief operating officer in January 2011.
Capita, which runs a range of contracts from back office IT to front line disability assessments, has grown more than ten times in revenue terms under Pindar's leadership.
"After 26 years with the company and approaching my 50th results presentation, I believe that now is the right time to hand the reins over to Andy," he said in a statement.
"We are on track to deliver strong growth in 2013. Furthermore, 2014 has the foundations in place today to be a highly successful year."
Pindar leaves the firm as the industry is mired in scandal, with rival outsourcing companies G4S and Serco both accused of fraud by Britain's government on an electronic tagging contract.
Capita, which has largely avoided any involvement in the scandal, recently won that deal unopposed when it was put up for a rebid.
The Office of Fair Trading is also investigating the market for governent IT suppliers to test whether the biggest firms win too great a share of the work.
Pindar, who joined Capita from private equity house 3i, is leaving to establish a portfolio of private equity opportunities, the firm said.