Cattles axes seven more executives
DOORSTEP lender Cattles has launched a boardroom bloodbath, axing seven executives linked to a “breakdown in internal controls”.
Finance director James Corr, chief operating officer and chairman of credit division Welcome Financial Services Ian Cummine and another unnamed senior executive of Welcome all had their contracts terminated after the review by law firm Freshfields Bruckhaus Deringer and accountancy firm Deloitte.
Welcome’s managing director John Blake, finance director Peter Miller and operations director Mick Belcher have also been fired, while group treasury and risk director Mark Collins will leave with immediate effect.
The group has already parted company with chairman Norman Broadhurst and chief executive David Postings over the accounting irregularities, which resulted in the lender warning that provisions for 2008 and previous years were actually £700m higher than thought.
Audit committee chairman Margaret Young will become executive chairman, while Robert East will be chief restructuring officer.