Strategy & Operations » Leadership & Management » Wrench for Haynes as CFO quits after 27 years

Wrench for Haynes as CFO quits after 27 years

CFO to leave manual publisher Haynes in 2016, following the CEO out of the business

THE LONG-SERVING CFO of car and DIY manual business Haynes Publishing is to leave.

Dan Benhardus, who has served as Haynes’ CFO for 27 years, will leave the business in May 2016.

His departure follows that of Eric Oakley, chief executive, which was announced last week.

In a statement to the markets, Haynes said that “it is a mark of Eric and Dan’s integrity that they have given their fellow board directors ample notice of their intention to retire, which in turn will help to facilitate a non-disruptive process of succession planning”.

The group, which provides technical information to consumers and professional mechanics in print and digital, revealed that revenues have fallen 11% to £26.1m for the y/e 31 May 2015. Operating profit was down £1.7m to £3.1m.

The group took a £9.7m non-cash impairment charge in its North American operations following challenging trading conditions from its printed manuals business.

It has also launched a cost and operational review, to be run by senior independent director Eddie Bell. The initial findings will be revealed in early 2016.

During the year the group acquired Teon Media for £0.5m, providing it with a digital platform focused on mobile delivery. It has also launched a professional interface that operates on tablets and smartphones.

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