James Cropper CFO resigns

Isabelle Maddock worked for James Cropper for 17 years
Isabelle Maddock worked for James Cropper for 17 years

James Cropper's chief financial officer (CFO) has resigned from her role and also from the company’s board with immediate effect.

Isabelle Maddock has worked for the Cumbrian paper and advanced materials group since 2006 and has been CFO since 2014.

She said: “It has been a privilege to be CFO of James Cropper over the last nine years and to have been instrumental in navigating the company through many challenging years whilst shaping where we focus and grow.

“James Cropper has a hugely bright future and is well positioned to create long term value for its shareholders."

CEO Steve Adams added: Isabelle has played an important role in protecting the business through challenging times, including the Covid pandemic, as well as creating the financial strength and discipline that will enable James Cropper to continue to deliver the ambitious growth strategy.

“I want to personally thank Isabelle for her hard work and dedication during this period, and I wish her all the very best for the future."

Andrew Goody has been appointed as chief financial and operations officer (CFOO) and is expected to join the company and its board of directors this autumn after completing his period of notice. Goody’s appointment is subject to the usual regulatory approval and James Cropper said a further announcement would be made “in due course”.

Goody has over 20 years' experience as a finance director across a variety of sectors. He is currently the finance director for Bibby Marine and previously worked at Garic, Bibby Group's plant hire business, during which time the business saw revenue growth of 80% and more than doubled EBITDA.

Adams said: "I am delighted that Andrew will be joining James Cropper as CFOO, and I look forward to working with him. Andrew's extensive experience in financial, commercial and business transformation will be a great addition to the senior team as James Cropper delivers on its growth strategy."

Goody added: "I'm really pleased to be joining James Cropper and look forward to working with the team to build upon the strong foundations in place as it delivers on its exciting strategy for accelerated revenue and profit growth."

In April, James Cropper announced a restructure aimed at accelerating growth at the business.

Shares in James Cropper were down by 0.59% at the time of writing at lunchtime today (14 June) to 840.00p (52-week high: £11.40, low: 560.00p). The company’s share price has risen significantly since mid-April.