Halfords finance director set to board easyJet

Halfords' finance director has swapped wheels for wings with a move to easyJet, as the cycle and car maintenance group loses its second top executive this year.

Andrew Findlay's move follows the resignation of chief executive Matt Davies, who is set to become Tesco's new UK boss during one of the most difficult times in the supermarket's 96-year history.

The departures leave Halfords without the architects of its three-year turnround plan, which has led to shares rising more than 30 per cent since its launch in 2013.

Shares were down 1.5 per cent at 463.6p in afternoon trading in London on Monday. However, analysts were relaxed about the departure of Mr Findlay, pointing out that he will remain in the job until October and that both he and Mr Davies had left to pursue jobs at larger companies.

"It's not as though they're leaving because [Halfords'] business strategy has failed," said John Stevenson, analyst at Peel Hunt.

Mr Findlay, who joined Halfords in 2011 from Marks and Spencer, said he was "sad to be leaving", but that the opportunity to join easyJet "was too attractive to turn down".

In the past two years, Halfords has revived its fortunes on the back of Britain's growing love affair with cycling. The group has cut staff numbers and refurbished its stores, but has also invested in retraining its remaining employees to improve customer service.

Mark Photiades, analyst at Canaccord Genuity, said that any fears about Halfords' ability to execute on the strategy had been eased by the appointment of new chief executive Jill McDonald, who takes up the role on May 11.

"The new chief executive has a pedigree and track record in customer service and engagement," he said, adding that Mr Findlay's resignation would give Ms McDonald the opportunity to build a new management team with more ease.

Ms McDonald joins Halfords from McDonald's, where she has headed up the fast food giant's UK operations since 2010.

Mr Photiades said that the market would be looking for Halfords to choose a finance director who had PLC pedigree to balance out Ms McDonald's relative lack of experience in dealing with the City.

Carolyn McCall, easyJet chief executive, said Mr Findlay's consumer background and focus on cost made him an attractive candidate for the budget airline.

"He is part of the leadership team at Halfords which has created a much more customer-centric and profitable business," she said.

EasyJet had been searching for a chief financial officer since the start of the year, when Chris Kennedy announced that he would be leaving to take up the same role at Arm Holdings, the semiconductor and software design company. Mr Kennedy's departure date has yet to be announced.

Halfords said that trading in the final quarter of the financial year was in line with management's expectations.

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