Electra Private Equity creates CFO role

Greg Gille
22 July 2016

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Listed investor Electra Private Equity (Electra PE) has appointed the finance director of Thomas Cook, Gavin Manson, to the newly created role of chief financial officer.

Manson will start in his role on 8 August. According to a statement from Electra PE, he will help the board review and put in place financial reporting and analysis processes.

Manson is currently finance director at travel group Thomas Cook's tour operations and hotels & resorts divisions. He has also held senior finance roles at Premier Farnell, Merck Group, Drambuie Group and Lees Group.

The appointment is the latest in a series of moves at the top of the listed private equity firm. In June, Kate Barker and Francesca Barnes resigned from the board of directors of Electra PE with immediate effect.

Barker had become interim chair in November 2015 after the resignation of Roger Yates, who stepped down following the election of activist shareholder Edward Bramson to the board. Yates had spearheaded the firm's criticism of Bramson and his investment vehicle Sherborne in the ongoing feud between Electra PE and Bramson. Neil Johnson was appointed non-executive chair and director of Electra Private Equity in April, with effect from May onwards.

The creation of a CFO role likely stems from the board's objective to implement a strategic review of the firm's activities. The contract of Electra Partners to be the investment portfolio manager of listed vehicle Electra Private Equity was notably put on termination notice in late May. Electra PE said in a statement it had triggered the 12-month notice period for the termination of Electra's contract, though it would continue "to explore a range of options including retaining the services of Electra Partners as investment manager under a mutually acceptable agreement".