Capita (CPI: LSE) the UK-based provider of business process outsourcing solutions and professional support services, announce that Patrick Butcher is to join the company as Chief Financial Officer. Butcher is expected to join the company and the Capita Board at the end of the year.

Butcher joins Capita from British public transport provider the Go Ahead Group, where he has been CFO since 2016. Butcher will stay with GoAhead for the next few months.

Prior to the Go Ahead Group, Butcher spent six years as Group Finance Diretor at Network Rail from 2009. His early career was spent at Deloitte & Touche, where he trained as a Chartered Accountant, and worked across its audit and management consultancy practices. Butcher has 19 years of experience as a finance director.

Capita first announced that current CFO Nick Greatorex would step down as CFO during the announcement of its H1 results. The Board has agreed with Greatorex that he will step down from the Board and leave Capita on 30 September 2018.

Jon Lewis, CEO of Capita, commented, “I am delighted to welcome Patrick to Capita. He is an accomplished Chief Financial Officer with first class strategic financial management experience developed over 25 years, including 19 years in finance director roles.”

“Patrick is joining Capita at an exciting time,” Lewisi continued. “We have de-levered the balance sheet, disposed of non-core assets, started to reduce costs and invest in the business.  We are looking forward to adding Patrick’s new perspective, energy and experience to support the good start we have made with our transformation programme and new strategy, delivering the commitments we have made to all our stakeholders.”

Butcher's appointment follows a series of profit warnings from Capita. In April, Capita raised £700 million from investors in hopes of a turnaround.

In its H1 2018 results, the group reported a 4% decrease in revenue as well as a 53% decrease in operating profit and a 59% drop in profit before tax.