Smiths News’ CFO to depart

The chief finance officer of newspaper wholesaler Smiths News is to stand down after more than three years with the company.

Paul Baker will stay on to manage the transition before joining an unnamed large private business.

Baker has spent much of his career in the FMCG and service sectors with Cadbury, Birds Eye and Compass Group.

Jonathan Bunting, chief executive of Smiths News, said: “I would like to thank Paul for his significant contribution during his time with the business. He is leaving the business in a strong financial and operational position.”

Smiths News’ share price reached a six-year high in January, on the back of a cost savings programme which enabled it to beat expectations.

The group is scheduled to provide an update on its half-year performance in the coming weeks.