AND FINALLY

Servcorp director steps down

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RICK Holliday-Smith will resign as a non-executive director of serviced offices and co-working space operator Servcorp at the end of this month after more than 20 years on the board.

“After many enjoyable years on the board, and given a renewal process that started some time ago, it is time to leave. Servcorp is in a solid financial position and well positioned to ride out a challenging period with a strong team and a strong board.

“Servcorp is fortunate to be part of an industry sector with positive long-term prospects.”

Holliday-Smith has been a director of Servcorp since its IPO in 1999 and has been chairman of the audit and risk committee. Tony McGrath will take over the role of the committee’s chairman.

Servcorp, which also provides IT and business infrastructure solutions, operates 146 floors in 52 cities across 22 countries. The company suspended guidance last week and stood down more than 100 team members in a move to withstand the coronavirus shock.

A majority of remaining staff will take a 20% pay cut, including non-executive directors, and longstanding chief executive office Alf Moufarrige will take a 50% cut.

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