Hercules (AIM:HERC) said Paul Wheatcroft will step down as Chief Financial Officer and Executive Director after almost seven years with the UK power and infrastructure services group.
Gary Fraser will join as CFO and Executive Director on 4 January 2027, with Wheatcroft remaining until 31 March 2027 to oversee a handover.
Fraser is currently Divisional Finance Director at Tetra Tech Europe, where he holds financial responsibility for a consultancy operation generating about £160m in revenue across the UK and the Netherlands. He has previously held senior finance roles at Gleeds UK, Mitie and Capita.
Wheatcroft's tenure spanned Hercules' 2022 initial public offering, four acquisitions, equity capital raises and long-term debt funding negotiations, alongside two major IT projects, chief executive Brusk Korkmaz said.
The CFO change follows a period of rapid expansion at Hercules, which reported record first-half revenue of £59.2m for the six months to 31 March, up from £54.6m a year earlier, though underlying EBITDA fell to £1.7m from £2.6m as the Group absorbed costs tied to new Pay & Bill and ERP systems and recent acquisitions.
"Gary is joining at an exciting time for the business and brings a wealth of experience that will be invaluable to Hercules' evolution," Korkmaz said.
Fraser said he was "delighted to be joining Hercules at a time when it is gaining scale to meet the compelling market demand for infrastructure services."