Victoria replaces CFO with investment banking vet

(Sharecast News) - Flooring products manufacturer Victoria has announced that chief financial officer Brian Morgan is to leave the company after three years of service, causing shares to rise strongly on Monday. Morgan, who is set to step down in late-June, has "decided to seek a role outside Victoria" now that the negotiated refinancing of its debt is now well advanced, the company said.

Victoria has appointed Alec Pratt, a senior finance leader with 16 years' experience in investment banking, as Morgan's replacement.

Pratt joins from Deutsche Bank, where he was most recently co-head of EMEA Financial Sponsor M&A, and previously worked at Numis and JPMorgan.

The stock was trading 6.4% higher at 93.39p by 0832 GMT.

"Alec adds to the strong bench of management talent carefully built at Victoria over the last 12 years," said chair Geoff Wilding.

"He is uniquely qualified to take on this role and his considerable finance and capital markets experience will be extremely beneficial for Victoria's continued growth and we look forward to updating shareholders on our progress."