Glasgow-based Aggreko, the world’s largest temporary power firm, said its chief financial officer Carole Cran resigned and will take up a new role as CFO of Forth Ports Ltd.
Aggreko had another executive shakeup last month with Nicolas Fournier, former managing of its Power Solutions division, leaving the firm to be replaced with Stephen Beynon.
“The timing is unhelpful having seen the Power Solutions MD change last month and may lead some investors to question how successful the current strategy implementation is going,” wrote Jefferies analysts in a note to clients.
Aggreko shares fell more than 1% to around 864p to give it a current stock market value of around £2.2 billion.
Aggreko said its board will be initiating a process to identify Cran’s successor and that Cran will leave the company following an orderly handover within the next 12 months.
Cran was Aggreko CFO for the past three years and has worked at the firm for 13 years.
Aggreko CEO Chris Weston said: “I want to thank Carole for her support to me personally and for her outstanding dedication to Aggreko over many years.
“We wish her all the very best.”
In April, Aggreko said in a first quarter trading update that it still expected 2017 profit before tax and pre-exceptional items to be lower than 2016 following recent problems in Argentina involving the repricing of contracts in Argentina.