The Tory peer and longtime Cameron supporter Lord Chadlington is to step down as CEO of Huntsworth plc, the consultancy group which owns international consultancy Grayling and lobbying shop Quiller Consultants.
Chadlington’s departure was described as ‘planned’ but came as the group released half-year results that were down £5.8m year on year.
The move comes after a challenging period for the group, which issued a profit warning last month and has faced shareholder pressure over its remuneration policy.
Chadlington said: “It has been my intention for some while to stand down and I am delighted that I will do so just as the economies of the world are turning for the better, and that we have a management team which will make the most of this all-important investment plan which is now well under way. I am extremely proud of Huntsworth and what we have created.”
Overall operating profits for the group were down year on year by £3.5m to £8.9m.
Speaking on the half-year results, Chadlington said: “At the 2013 year end we reported that we would continue our investment programme for a second year in order to build a multi-office business, to increase our digital revenues and to increase revenue growth in the US, the Middle East and Asia-Pacific, thereby reducing our high dependence on the UK and Europe. While the pace of these increases in the first half has been slower than we hoped, we are making some good progress, which we expect will continue in the second half and accelerate in 2015.”
Last year a stake in the company was sold to China-based BlueFocus.