Time for change

19 May 2004

Sir Clive Thompson made a religion of hitting profit targets during his 21 years at the helm of the pest control group. So there is a certain rough justice that he has been forced out on a profit warning.

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Rentokil Initial said on Wednesday that its chairman, Sir Clive Thompson, had stepped down. Thompson served as the company's chief executive for over 20 years and took up the role of chairman in 2002. He has been replaced by Rentokil's deputy chairman, Brian McGowan.

Rentokil also issued a profit warning, saying that trading had deteriorated since its last update in February. The company said that profit before tax for 2004 will be at least £350m, substantially lower than the year before and below market expectations.

Sir Clive Thompson sold over onethird of his stake in the company last month.

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