Under-pressure companies Capita and Debenhams have both appointed new finance chiefs as they undertake huge turnaround efforts.

Outsourcer Capita has hired Go Ahead’s finance boss Patrick Butcher as its chief financial officer and he is due to join the company at the end of the year. He was previously group finance director at Network Rail. Capita announced last month that the incumbent chief financial officer Nick Greatorex would be leaving. He will step down on September 30.

The move comes after a 60pc fall in Capita’s profits in the first half of the year. The outsourcer brought in new chief executive Jon Lewis late last year after previous boss Andy Parker resigned amid a profit slump, admitting that the company had made some “own goals” that had contributed to its troubles.

In April the company announced plans to raise around £1bn through a rights issue and selling parts of the business in a bid to curb its falling profits.

Transport company Go Ahead is now on the hunt for a new finance boss.