IWG PLC on Wednesday named Charlie Steel as its new chief financial officer, replacing Glyn Hughes.

Steel will join the board of the Jersey-registered office space provider prior to the end of this year. He will take over as finance chief from Hughes, who has been in the role for just over a year.

Hughes plans to take on the role of chief executive officer of a non-listed company, IWG noted. He will, however, remain with the company for a transitional period to ensure a smooth handover.

Steel joins from Babylon Holdings Ltd, a digital health delivery and AI diagnosis company. ‘As CFO at Babylon, Steel was heavily involved in the formulation and execution of strategy and played a leading role in the build-out of teams, systems, processes and new geographies at the company,’ IWG said.

Prior to that, Steel was global head of Corporate Development at CMC Markets PLC and vice president of the Investment Banking division at Deutsche Bank AG.

Chief Executive Officer and Founder Mark Dixon said: ‘I would like to thank Glyn for his contribution to IWG as CFO. He leaves us in a strong position and we look forward to continuing and accelerating the momentum achieved so far in 2022.

‘I am excited to welcome someone of Charlie’s experience and he joins us at an exciting time for the business with hybrid working becoming the preferred operational model for a rapidly growing number of companies.’

IWG shares opened 0.9% lower at 157.10 pence each in London on Wednesday.

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