RS Group CFO quits after relationship with colleague

RS Group chief financial officer David Egan is leaving the business with immediate effect after admitting a relationship with a colleague that fell "short of the high standards expected" of the company.

Egan said there had been "some shortcomings of judgment on my part" and it was "right to step down from my role". He had been in post for at the electronic components distributor for seven years.

Jane Titchener, a member of the firm's finance team, will take over as interim CFO until a permanent replacement is appointed. Egan will remain available to the company for an "appropriate" transition period, the company said.

RS Group said there was no change to its profit forecasts since its last trading update published on April 5. However, its shares fell by as much as 2.5% in London trade after Egan’s announcement.

Reporting by Frank Prenesti for Sharecast.com