New chief at Interserve

Interserve has announced that its next chief executive will be Adrian Ringrose, who will take over on 1 January.

Mike Bottjer has held the posts of both chief executive and chairman since 1996, at which time the group was trading as Tilbury Douglas. Bottjer will continue as chairman but will steadily scale down his involvement.

Ringrose, who is 35 and has been with Interserve for five years, is currently managing director of the facilities services division and also heads the PFI investment business. He has also been on the main board since the start of the year.

Last year Interserve made a pre-tax profit of £54m on a turnover of £1.3bn. The group operates through five divisions, and the facilities services business contributed 26% of group profits. Interserve's PFI investments wing identifies suitable target projects and selects potential bid partners. The group has 16 PFI contracts with a total equity commitment of £27m.