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Interserve has announced that its group finance director Tim Haywood is to step down from the group鈥檚 board at the end of September and leaving the company in order to 鈥減ursue other interests鈥�.

The firm said Haywood will remain until the end of November to support . She replaces outgoing boss Adrian Ringrose.

In February, the firm announced that it had nosedived to a near 拢100m loss last year as it counted the cost of its botched foray into the energy from waste business.

The firm entered the market 鈥� which involves turning household rubbish into energy 鈥� back in 2012 with a deal for work in Glasgow.

Interserve has since taken on schemes at five other sites including Derby, Rotherham and Peterborough but the business said the cost of getting out of this sector 鈥� which it said it was pulling the plug on back in May last year 鈥� had now escalated 拢90m to 拢160m.

Interserve said it was looking to recruit a new group finance director and would make a further announcement in due course.

Glyn Barker, Interserve鈥檚 chairman, said: 鈥淚 would like to thank Tim for his significant contribution over the last seven years to Interserve and wish him every success in his future ventures.鈥�

Haywood joined Interserve鈥檚 board in November 2010 and since 2011 has been the group鈥檚 head of sustainability, launching its SustainAbilities Plan in March 2013.

He had previously worked for St Modwen and distribution firm Hagemeyer.