RS Group PLC on Wednesday said its chief financial officer has resigned, leaving the company with immediate effect after disclosing a ‘personal relationship’ with a colleague.

The London-based industrial and electronics products distributor was the second-worst performing FTSE 100 stock in early morning London trading on Wednesday, falling 2.7% to 888.20 pence each.

Jane Titchener will take over as interim CFO until a permanent successor to David Egan is found.

Egan said on his departure: ‘Very recently I notified the board of a personal relationship with a colleague. Following a detailed review by the board, I recognise that there have been some shortcomings of judgment on my part, and my actions have fallen short of the high standards expected of RS leadership. Therefore, it is right for me to step down from my role.

‘The business is in a position of strength, I am confident in the group’s prospects and I wish...the RS team continued success in the future.’

Chair Rona Fairhead added: ‘Following a thorough review, the board has accepted David’s resignation and in stepping down he recognises the importance of leaders setting and abiding by exemplary standards. I would like to acknowledge the significant contribution David has made in his seven years at RS, driving transformation both as CFO and on two occasions as acting chief executive officer.’

RS noted there is no change to its profit expectations expressed in early April. For the financial year that ended March 31, RS said it saw 10% like-for-like revenue growth. It delivered growth of 12% in the Europe, Middle East & Africa and 11% growth in the Americas. Like-for-like revenue in the Asia Pacific region fell 1%, however.

It will announce its annual results on May 23, RS said.

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