Colt appoints private equity boss Ferrari as CFO

LONDON, UK: Corporate telecoms specialist Colt Group SA said private equity executive Mark Ferrari would become its chief financial officer next year, taking over from Stuart Jackson, who wanted to resign.

Ferrari, currently a non-executive director of Luxembourg-based Colt and managing director of Devonshire Investments, a private equity firm affiliated with the parent of investment group Fidelity, will take over on March 31 from Jackson, Colt said in a statement on Thursday.

Ferrari previously held senior positions at Fidelity Investors LP and Pembroke Real Estate. He joined Fidelity in 2000 as finance chief of Fidelity Broadband Group after stints at Kronos Inc and Ernst & Young.

"He brings a wealth of experience in finance and general management for global businesses," said Colt Chief Executive Rakesh Bhasin. "He will make a significant contribution to Colt at a time when we are transforming our business."

Colt is simplifying its structure, dividing into three units of Enterprise,   Communication and Data Centre Services.

The company said in October it expected a good end to the year, helped by cost cuts and strong sales in its managed-services unit.

Colt said Jackson had informed the company he intended to move away from day-to-day executive responsibilities. He will step down as executive director on Dec. 31 and leave the company on March 31.