CFO Succession
Hercules PLC has announced a CFO succession with Paul Wheatcroft retiring after nearly seven years, and Gary Fraser appointed as his replacement, joining on January 4, 2027, and remaining until March 31, 2027, for a smooth handover. Fraser brings significant financial leadership experience, most recently managing financial responsibility for a circa £160 million revenue consultancy at Tetra Tech Europe, and has a background in driving profitable growth, business transformation, and M&A. The company highlighted Wheatcroft's instrumental role in the 2022 IPO, four acquisitions, capital raising, debt negotiation, and IT projects, contributing to Hercules' substantial growth during his tenure.
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Hercules (AIM: HERC), the leading UK power and infrastructure services group, announces that Paul Wheatcroft, Chief Financial Officer and Executive Director, has informed the Board of his intention to retire from his role and step down from the Board of Directors of the Group and its subsidiaries after almost seven years with the Company.
As part of an orderly succession process, the Board is pleased to announce the appointment of Gary Fraser as Chief Financial Officer and Executive Director of the Company. Gary will join Hercules on 4 January 2027 and Paul will remain with the Company during a handover period until 31 March 2027 to ensure a seamless transition.
Gary is currently Divisional Finance Director at Tetra Tech Europe, a consulting and engineering services business focusing on water, environment and sustainable infrastructure, where he has financial responsibility for a c.£160 million revenue consultancy operating across the UK and the Netherlands. Gary brings extensive experience in driving profitable growth, business transformation, M&A and operational performance, having previously held senior finance leadership positions at Gleeds UK Ltd, Mitie plc and Capita plc.
Brusk Korkmaz, CEO of Hercules, said: "On behalf of the Board, I would like to thank Paul for his significant contribution and service to the Group and for the support he has given me personally. Paul was instrumental in Hercules’ IPO in 2022, completing four acquisitions, raising capital from equity investors, negotiating long term debt funding facilities, as well as completing two major IT projects. Hercules has grown significantly during Paul’s tenure, and his efforts have helped set Hercules up for the next ten years of planned growth.
“We wish Paul every success and happiness in his retirement, and we look forward to welcoming Gary to the team. Gary is joining at an exciting time for the business and brings a wealth of experience that will be invaluable to Hercules’ evolution.”
Gary Fraser, incoming CFO of Hercules, said: "I am delighted to be joining Hercules at a time when it is gaining scale to meet the compelling market demand for infrastructure services. I look forward to working with Brusk, the Board and the wider Hercules team to support the continued development of this growing company.”
Paul Wheatcroft, retiring CFO of Hercules, said: "It has been an incredibly rewarding seven years with Hercules. I have thoroughly enjoyed being part of the Group’s growth and working alongside such a great team. I wish everyone at Hercules continued success for the future."
Gary William Fraser, aged 51, currently holds or has held the following directorships in the past five years:
| Current directorships | Previous directorships (held in the last 5 years) |
| Tetra Tech Occupational Health Ltd | Greensoil Consulting Ltd |
Tetra Tech Environmental Management Ltd
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.