Interim finance chief at cash-strapped university quits after days in post
Chris Reilly, who took on the role on an interim basis days at the start of last week, has left the university by 'mutual agreement'.
Dundee University is grappling with a financial crisis which has resulted in the Scottish Government using special powers to award a further £40 million to the institution.
Faced with a £35 million deficit, the university is looking to cut hundreds of jobs.
Professor Nigel Seaton, Dundee's interim principal and vice chancellor, confirmed Mr Reilly's departure in a message to staff – saying the institution is 'moving quickly' to replace him.
Prof Seaton, who himself only took on the role after the previous interim principal quit last month, said Mr Reilly's replacement would help take the university through the 'next steps' of its recovery plan.
Previous interim principal Professor Shane O'Neill quit the post in June after a report by former Glasgow Caledonian University principal Professor Pamela Gillies was critical of him and other former senior Dundee University figures for their actions before the scale of the crisis became public.
That report found members of the university executive group, which included the 'triumvirate' of Prof O'Neill, former principal Professor Iain Gillespie and ex-chief operating officer Jim McGeorge, had 'failed' to 'properly respond to the worsening situation' with the institution's finances in 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
21 minutes ago
- Daily Mail
John Lewis and Waitrose staff set to receive bonus for the first time in four years
John Lewis is set to pay a bonus to thousands of staff for the first time in four years after a challenging period for the company. The employee-owned business, which runs the department store chain and Waitrose supermarket arm, is considering the bonus after a turnaround in performance. John Lewis initially pressed pause on the payouts for its 69,000 staff in 2020 - the first time since 1953 - as it was hit by pandemic lockdown store closures, and has not paid a bonus to staff since 2022. In March, the company said it would not pay a bonus despite seeing an upturn in profit, instead focusing on improved pay and investment in the business. It received backlash from employees who launched a petition saying they were 'working harder than ever' but 'getting less recognition'. However, the board will now reportedly be asked to recommend a payment if pre-tax profits reach £200million in the year to February 2026. An internal update seen by the Financial Times said it was aiming for over £200million profit, adding that 'to get there we need to keep focused on the right things and deliver our plans'. It would mark a significant reversal in fortune for the company, which has struggled with dwindling sales and increased competition. Profit before tax reached £97million in the year to 31 January 2025, up from £56million a year earlier and the company said it expects to increase profitability in the coming year. New chair Jason Tarry is overseeing a transformation plan this year, which includes a self-funded investment of £600million. The retailer said the transformation would include 'store refurbishments and openings, technology upgrades, and supply chain modernisation.' In another sign that Tarry's turnaround plan is gaining momentum, John Lewis topped customer service rankings, ahead of rival M&S. John Lewis scored 86.7 out of 100 in a survey of 60,000 shoppers by the Institute of Customer Service, while M&S scored 85.6.
Finextra
22 minutes ago
- Finextra
Payments Innovation Forum elects new board members
The Payments Innovation Forum (PIF), the not-for-profit industry body dedicated to advancing innovation in payments, has announced the results of its 2025 Board elections. 0 The newly elected Board will play a pivotal role in guiding PIF's strategic direction and furthering its mission to foster innovation across the payments ecosystem. The election results reflect a strong balance of continuity and renewal within PIF's leadership. Three Board members will continue their service, including two re-elected directors and one continuing director, preserving valuable organisational knowledge and experience. They are joined by eight newly elected representatives, bringing fresh perspectives and expanding the diversity of experience across the Board. All have been appointed as non-executive directors, contributing independent insight and strategic guidance to PIF's work. The newly elected Board members are: • Mark Beresford, Director, Edgar, Dunn & Company • Lori Breitzke, Head of US Channel Development & Partners, B4B Payments • Scott Dawson, CEO, DECTA • Chris Ford, Senior Director, BHN EMEA, BHN (Blackhawk Network) • Tribh Grewal, Head of International Product Strategy and Business Development, Discover Network / Diners Club International (DN / DCI) • Kevin McAdam, CEO Andaria UK/Executive Director, Andaria Financial Services UK Ltd • Daniel Saliba, Founder & Chief Executive Officer, Lighthouse Compliance UK • Jonathan Vaux, Global Head of Propositions & Partnerships, Thredd • The following candidates have been re-elected to the Board: • Jason Field, Vice President, Account Management, Mastercard • Hartwig Gerhartinger, SVP Global Regulatory, Enterprise Risk, ESG, Paysafe Commenting on the results, Diane Brocklebank, Executive Director of PIF said: 'We are deeply grateful to all candidates who participated in this year's elections. Their willingness to contribute their time, expertise, and vision underscores the strength and dedication of the PIF community. We are proud to be governed by a dynamic group committed to driving progress and innovation across the payments industry. We also extend our sincere thanks to our outgoing Board members for their invaluable service. Their leadership has helped steer PIF through a period of rapid industry transformation, and their contributions will continue to shape our strategic path. We wish them continued success in their ongoing work across the payments sector. The full list of PIF Board Members is provided below: • Mark Beresford, Director, Edgar, Dunn & Company • Lori Breitzke, Head of US Channel Development & Partners, B4B Payments • Diane Brocklebank, Executive Director, Payments Innovation Forum • Scott Dawson, CEO, DECTA • Boris Diakonov, Co-CEO & Co-Founder, ANNA Money • Jason Field, Vice President, Account Management, Mastercard • Chris Ford, Senior Director, BHN EMEA, BHN (Blackhawk Network) • Hartwig Gerhartinger, SVP Global Regulatory, Enterprise Risk, ESG, Paysafe • Tribh Grewal, Head of International Product Strategy and Business Development, Discover Network / Diners Club International (DN / DCI) • Kevin McAdam, CEO Andaria UK/Executive Director, Andaria Financial Services UK Ltd • Daniel Saliba, Founder & Chief Executive Officer, Lighthouse Compliance UK • Jonathan Vaux, Global Head of Propositions & Partnerships, Thredd
The Independent
22 minutes ago
- The Independent
From scrapping Ofwat to mandatory meters – what does the landmark water review recommend?
A landmark review into the UK's water sector has recommended a major overhaul to the way water companies are regulated in the country, amongst many other changes. The critical and wide-reaching report from the Independent Water Commission outlined 88 recommendations to the UK and Welsh governments to turn around the ailing industry. Led by former Bank of England deputy governor Sir Jon Cunliffe, the review says that the current system is 'failing to deliver much of what society demands and expects, including for the economy.' The industry has faced criticism for seeing large sums of money paid out to shareholders while standards have dropped in the years since water companies were privatised. Campaigners have estimated that since 1989 – when companies were privatised – £85bn has been extracted from the water sector in dividends and other payouts to shareholders. The g overnment has said it backs the review and is considering a piece of primary legislation to deliver many of the proposed changes. Here are the key measures recommended in the report: Scrapping Ofwat to overhaul regulation The review recommends overhauling the regulators and replacing them with one body for England and one body for Wales. For England, this would see Ofwat and the Drinking Water Inspectorate abolished, and the removal of the environmental regulation functions for the Environment Agency and Natural England. Instead, a 'joined-up' and 'powerful' single integrated water regulator would be established. In Wales, Ofwat's economic responsibilities would be integrated into Natural Resources Wales, the review said. Setting up regional planning authorities Eight new regional water system planning authorities in England and one national authority in Wales should be set up, the review says. This would involve devolving current planning responsibilities and transferring resources from the regulators to these new authorities, which would be responsible for developing water investment plans that reflect local priorities and voices. Introducing stronger consumer protections The commission recommends measures such as expanding the role of the voluntary Consumer Council for Water into an ombudsman to give stronger protection to customers and a clearer route to resolving complaints. It also proposes the introduction of a national social tariff to provide consistent support for low-income customers who need help to pay their bills and to transfer responsibility for consumer advocacy to Citizens Advice. Stronger environmental regulations The report proposes stronger regulation on abstraction, sludge, drinking water standards and water supply. It also recommends improving the process where companies collect and analyse wastewater discharges they make into waterways by introducing more digitalisation, automation, third-party assurance and inspections. After one of the driest springs on record, it recommends compulsory water metering, changes to wholesale tariffs for industrial users and greater water reuse and rainwater harvesting schemes. Tightening oversight of water company ownership and governance The commission recommends new regulatory powers to block changes to water company ownership, for example, where investors are not seen to be prioritising the long-term interests of the company and its customers. It also suggests new 'public benefit' clauses in water company licences and recommends the regulator set 'minimum capital' requirements so that companies are less reliant on debt and more financially resilient. Public health reforms The report covers legislative reforms to better manage public health risks in water, recognising the many people who swim, surf and enjoy other water-based activities. These include public health objectives in water quality legislation, senior public health representation on regional water planning authorities and legislative changes to address emerging pollutants such as PFAs, also known as forever chemicals, micropollutants and microplastics. Fundamentally resetting economic regulation This recommendation includes a new 'supervisory' approach that supports tailored decisions and earlier interventions in water company oversight. The report also makes recommendations on the Price Review process, including changes to ensure companies are investing in and maintaining assets and to help attract long-term, low-risk investment. Providing a clear strategic direction The commission said both the UK and Welsh governments should publish a new long-term National Water Strategy with a minimum horizon of 25 years and interim milestones. It also says a set of ministerial priorities specifically for the water industry should be issued to regulators every five years, replacing the current strategic policy statement. Infrastructure and asset health reforms The report sets out changes in how water infrastructure is managed, monitored and delivered to better safeguard the provision of water and management of wastewater for future generations. They include new requirements for companies to map and assess their assets – such as pipes, treatment works and pumping stations. It also calls for resilience standards that are forward-looking and applied consistently across the industry.
