Interserve Share News (IRV)

LONDON (Alliance News) - Interserve PLC said on Tuesday that Executive Director Dougie Sutherland will be leaving the company's board with immediate effect, and then Interserve itself on February 28.

Sutherland is managing director of the Developments division, and was active in the outsourcing firm's "Fit for Growth" turnaround plan, intended to reduce costs and overheads.

The plan was said to be on target to produce between GBP40 million and GBP50 million in annualised savings for 2020.

News of Sutherland's departure comes nearly one week after shareholder Coltrane Master Fund LP called a meeting to have Interserve's entire board removed, apart from Chief Executive Officer Debbie White.

Coltrane wants David Frauman and Stuart Ross elected to the board. Frauman is currently the managing director of Steinhoff Finance Holding GmbH and Steinhoff Europe AG, two subsidiaries of struggling Johannesburg-listed retailer Steinhoff International Holdings NV.

Sutherland has been part of Interserve for 13 years since 2006, and been part of its board for eight years since 2011.

"I would like to thank Dougie for his dedication to Interserve and especially his recent contribution to our business transformation programme 'Fit for Growth' integrating the Developments business into Support Services, the integration of the UK and International Construction businesses and the sale of a number of investments and businesses," said Chair Glyn Barker.

Shares in Interserve were down 0.5% at 11.16 on Tuesday.