University principal and senior staff quit after report on finances
The interim principal and vice-chancellor of the University of Dundee and two senior members of its governing body have stepped down following a report into the institution's financial deterioration.
The investigation into the university's finances was ordered after it announced there could be hundreds of job losses as it struggles to deal with a £35 million deficit.
Key findings from the report for the Scottish Funding Council include poor financial judgment, inadequate management and reporting, and lack of agility by leadership in responding to a fall in income.
The findings of the independent investigation into the financial challenges facing the University of Dundee have been published today.https://t.co/XT16bPzuCA pic.twitter.com/LZSeNeK2jH
— Scottish Funding Council (@ScotFundCouncil) June 19, 2025
Interim principal and vice-chancellor Professor Shane O'Neill has announced he is stepping down in the wake of the report.
He said: 'It is with a very heavy heart, having committed myself fully to the recovery process over these past months, that I have decided to step aside from my position and will be leaving the university.
'It is important that the university can move on and I recognise that this will be easier with new leadership.'
The university also said Tricia Bey, acting chairwoman of the university court, and Carla Rossini, convenor of the finance and policy committee, who were both due to step down this summer, are now bringing this forward and leaving with immediate effect.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
40 minutes ago
- Yahoo
Hundreds of jobs at risk as River Island plans store closures
Hundreds of jobs are at risk at River Island as part of plans to shut 33 of its UK stores. The retailer has unveiled a radical restructuring plan in a bid to reverse recent heavy losses due to a slump in trading. Bosses blamed the closures on the 'migration of shoppers from the high street to online' and higher costs to run stores. The family-owned retailer confirmed it is proposing to close 33 of its 230 stores by January next year as a result. A further 71 stores are also at risk depending on talks with landlords in order to secure improved rental deals. The retailer, which employs around 5,500 people, was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s. It has reportedly hired advisers from PwC in order to oversee the restructuring process. The proposals are set to go to a vote by the firm's creditors – companies or individuals owed money by the retailer – in August. The deal will result in fresh funding being invested into the business in order to help fuel its turnaround. Ben Lewis, chief executive of River Island, said: 'River Island is a much-loved retailer, with a decades-long history on the British high street. 'However, the well-documented migration of shoppers from the high street to online has left the business with a large portfolio of stores that is no longer aligned to our customers' needs. 'The sharp rise in the cost of doing business over the last few years has only added to the financial burden. 'We have a clear strategy to transform the business to ensure its long-term viability. 'Recent improvements in our fashion offer and in-store shopping experience are already showing very positive results, but it is only with a restructuring plan that we will be able to see this strategy through and secure River Island's future as a profitable retail business. 'We regret any job losses as a result of store closures, and we will try to keep these to a minimum.' The retailer is among high street fashion chains to have been impacted by weaker consumer spending and competition from cheaper online rivals, such as Shein. River Island fell to a £33.2 million loss in 2023 after sales slid by 19%, according to its most recent set of accounts.
Bloomberg
an hour ago
- Bloomberg
ICG Targets €10 Billion for Flagship Flexible Capital Fund
Intermediate Capital Group Plc. is looking to raise €10 billion ($11.5 billion) for its flagship flexible capital strategy, according to people familiar with the matter. The London-listed alternative investor has already raised over €5 billion for the fund, ICG Europe IX, the people said, who were not authorized to speak publicly as the matter is private.
Miami Herald
an hour ago
- Miami Herald
Brenmiller Energy Appoints Boaz Toshav to Serve as an Independent Director on the Board
Experienced Global Investment Executive and Strategic Advisor to Support the Company's Next Phase of Growth ROSH HA'AYIN, IL / ACCESS Newswire / June 20, 2025 / Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy", or the "Company") (Nasdaq:BNRG), a leading global provider of Thermal Energy Storage (TES) solutions for industrial and utility customers, today announced the appointment of Mr. Boaz Toshav as an Independent Director to its Board of Directors (the "Board"), effective immediately. Mr. Toshav previously served on the Company's Board from June 2023 until August 2024. Mr. Toshav has over 20 years of experience in investment banking, fixed income and mergers and acquisitions advisory services. He is currently President and Chairman of Rio Ave FC (Primeira Liga), a professional Portuguese football (soccer) club, and he previously served as a senior financial advisor to UK-based Nottingham Forest FC and Greece-based Olympiacos FC. Mr. Toshav also currently serves as the Chief Executive Officer of Umbrella Advisors Ltd., a boutique investment bank and financial advisory firm he founded in 2014. Mr. Toshav has also been a board member of Intelicanna Ltd. (TASE: INTL) and Getruck Ltd. since 2018 and 2021, respectively. Mr. Toshav received a Bachelor of Arts degree in Economics and Business Administration from Tel Aviv University, as well as a Master of Philosophy from Tel Aviv University. Mr. Toshav qualified as a United Kingdom Financial Services Authority certified investment advisor in 2005. "We are honored to welcome Boaz back to our Board," said Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy. "His proven ability to navigate financial markets, advise boards, and drive strategic partnerships will be instrumental as we enter a pivotal moment in our Company's evolution. With multiple commercial projects underway and a growing global footprint, we believe that Boaz's appointment will strengthen our governance and position us to realize significant value creation for our shareholders." Mr. Toshav succeeds Ms. Nava Swersky Sofer, who concluded her term on the Board following six years of dedicated service. Ms. Swersky Sofer's departure was in accordance with the natural expiration of her term and was not the result of any disagreement with the Company. The Board and management extend their sincere appreciation for her strategic insight and leadership during a period of meaningful growth and transformation at Brenmiller Energy. This appointment follows Brenmiller's recent strategic milestones, including project deployments in Europe, Israel, and the United States. Notably, the European Hydrogen Bank has granted SolWinHy Cádiz S.L. (the "SolWinHy Project") in Arcos de la Frontera, Spain, €25 million in funding. SolWinHy is a special purpose company jointly owned by leading renewable energy developers Green Enesys Group ("Green Enesys") and Viridi RE ("Viridi") to build new green hydrogen and green e-methanol projects in Europe. Green Enesys and Viridi are Brenmiller's joint venture partners in Brenmiller Europe S.L. ("Brenmiller Europe"). The Company estimates its supply of the bGen™ TES system for the SolWinHy Project to be approximately €7 million. The Company believes that its involvement with the SolWinHy Project reinforces the strength of its bGen™ technology and the Company's role in enabling renewable fuel production at scale. Brenmiller continues to expand its role as a key enabler of flexible, clean industrial heat in support of global net-zero targets. About Brenmiller Energy Ltd. Brenmiller Energy helps energy-intensive industries and power producers end their reliance on fossil fuel boilers. Brenmiller's patented bGen™ ZERO thermal battery is a modular and scalable energy storage system that turns renewable electricity into zero-emission heat. It charges using low-cost renewable electricity and discharges a continuous supply of heat on demand and according to its customers' needs. The most experienced thermal battery developer on the market, Brenmiller operates the world's only gigafactory for thermal battery production and is trusted by leading multinational energy companies. For more information visit the Company's website at and follow the company on X and LinkedIn. Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company uses forward-looking statements when it discusses: the Company's belief that Mr. Toshav's appointment will strengthen the Company's governance and position to realize significant value creation for shareholders; that the Company s entering a pivotal moment in its evolution; future commercial projects underway and a growing global footprint; the Company's estimates for its supply of the bGen™ TES system for the SolWinHy Project to be approximately €7 million; that the Company's involvement with the SolWinHy Project reinforces the strength of its bGen™ technology; the Company's role as a key enabler of flexible, clean industrial heat in support of global net-zero targets. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this press release. Factors that may affect the Company's results include, but are not limited to: the Company's planned level of revenues and capital expenditures; risks associated with the adequacy of existing cash resources; the demand for and market acceptance of our products; impact of competitive products and prices; product development, commercialization or technological difficulties; the success or failure of negotiations; trade, legal, social and economic risks; and political, economic and military instability in the Middle East, specifically in Israel. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on March 4, 2025, which is available on the SEC's website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Contact: investors@ SOURCE: Brenmiller Energy
