Connect Group appoints David Bauernfeind as CFO

Newspaper and magazine distributor Connect Group has appointed David Bauernfeind – previously chief financial officer at Xchanging – as CFO with effect from 15 August.

Bauernfeind will replace Nick Gresham, who is stepping down to pursue other opportunities. Gresham will stand down from the board and Bauernfeind will join on 1 October. Gresham will stay on to ensure a smooth handover.

Bauernfeind was CFO at Xchanging from 2011 until its takeover and delisting in June this year. Before joining Xchanging in 2001, he held management roles at BAE Systems and Johnson Matthey.

Chief executive Mark Cashmore said: “I am delighted to welcome David to the group. He brings substantial experience and a track record of delivering strategic and operational change in fast moving environments.

“His capabilities in corporate development and commercial negotiation will be an asset to the group as we pursue our strategy to grow and diversify in specialist distribution markets."

At 1000 BST, Connect shares were down 1% to 147.25p.