Caledonia Investments FD Stephen King to step down

Caledonia Investments said on Monday that Stephen King will step down from his role as finance director after nearly 10 years and leave the company once a successor has been hired.

Chief executive Will Wyatt said that King has been a key contributor to the formation and implementation of the new strategy that he initiated on his appointment as CEO in 2010.

"In particular, he has been instrumental in the development of our risk management processes and investor relations programme. On behalf of the board, I would like to thank him for his significant contribution to the success of the company over his time as our finance director and to wish him well for the future."

King said: "I am pleased to be leaving Caledonia at a time when its strategy, performance and risk processes are established and well-positioned for the long term. I am now looking forward to developing a portfolio of non-executive roles."

At 1130 BST, the shares were up 0.7% to 2,820.15p.