Candover reshuffles its top management, shares jump

Candover Investments, a private equity firm in UK has resorted to reshuffling of its management in order to fix its cumbersome structure, in a move that sent its shares up. Marek Gumienny has been appointed as the chairman of the subsidiary Candover Partners. Earlier he was the MD of Candover Partners.

Malcolm Fallen has been appointed as group's first executive director. John Arney will be the managing partner of the subsidiary and in charge for strategic direction.

Matthew Harrison will shoulder the responsibility of Candover Partners' finance director after replacing Tian Tan.

Candover Investments is also expecting better performance for its investment portfolio.

In the recent trading, Candover Investments' shares closed at 436.83 pence, up 8.5 per cent.

According to many, the company has been taking drastic steps with an intention of repairing its shattered repute.

Colin Buffin, who has served the company as a senior MD, will exit after the talks on the Candover 2008 Fund finished.

Earlier, investors got angry when Candover breached its promise to pump capital in its 2008 fund.

Net asset value of the group was reported at 902 pence, down 12 per cent at the end of June.