Penningtons has appointed a new chief executive who has pledged to double the firm’s profit within four years.
Penningtons chief exec announces ambitions" />Penningtons ;has appointed a new chief executive who has pledged to double the firm’s profit within four years.
Chief executive David Raine, who takes over this month, has set out a plan for rapid expansion as the firm bids to recover from losing a 10-partner regional office at the end of last year.
Raine has set a target of £45m in revenue by 2012, up from this year’s £28.4m, as well as doubling net profit from £4m to £8m.
Raine takes over from Lesley Lintott, who will step down after 11 years and become head of the private individuals group.
Last year Penningtons changed its structure to organise practice areas into three divisions and lost its 10-partner Newbury office to rival Thomas Eggar in November 2007.
Raine, who was previously head of travel, said: “We’ve moved on since then. Having gone through the strategic review, everybody’s behind that.” Raine stood unopposed for the job. Penningtons has hired Irwin Mitchell associate Mark Lee to replace him as head of travel.