Footsie finance chief resigns after admitting having an affair with a female colleague
Married Footsie finance chief resigns after admitting to having an affair with a female colleague
A senior director of a FTSE 100 listed company has resigned after an affair with a female colleague.
David Egan, chief financial officer at RS Group for seven years, has left the electronics company ‘effective immediately’.
Egan said he recently informed the board about his relationship with a colleague and decided to step down.
Egan, 55 and married with children, admitted his judgment had “fallen short.”
‘Failures’: David Egan, 55, (pictured), chief financial officer at RS Group for seven years, has resigned after an affair with a female colleague
A person close to the company said it was not against RS Group policy for employees to have relationships with each other, but that the affair was inappropriate given Egan’s seniority.
Egan received £1.8 million in 2022, up from £1.5 million the previous year.
He said: “I recently informed management of a personal relationship with a colleague.
“Following a detailed review by the Board, I acknowledge that there have been a number of shortcomings in judgment on my part and that my actions fell short of the high standards expected of RS leadership.”
Chairman Rona Fairhead added: “The Board of Directors has accepted David’s resignation and by stepping down recognizes the importance of leaders who set and live by exemplary standards.”
The former trade minister and ex-chairman of the BBC Trust thanked him for his efforts.
Formerly known as Electrocomponents, RS Group distributes electrical and electronic components to manufacturers around the world.
The resignation follows a series of high-profile departures in the business world.
Last month, Tony Danker was fired by the CBI after complaints from female employees, and last week NBC Universal CEO Jeff Shell left after newscaster Hadley Gamble accused him of sexual harassment.
Born in Australia, Egan studied accountancy and worked around the world in leadership roles for industry giants, including Hanson, Esad and Alent, before joining Electrocomponents in 2016, according to his LinkedIn profile. He was acting CEO of RS Group twice.
Jane Titchener, member of the finance team, will take over as interim finance director.
RS Group said there was no change in earnings forecasts since the April 5 update and will report full-year results on May 23. Shares fell 2.8 percent, or 25.6 pence, to 887.4 pence.