When Doug Flynn took the head job at Rentokil Initial in April 2005, he said it would be his last job before he retired to “a beach somewhere”. After pocketing a £1.2m pay-off from his soon-to-be-former employer, his wish will now be fulfilled – if a little earlier than planned.

During Mr Flynn’s tenure Rentokil’s market capitalisation has more than halved, from £3bn to £1.3bn, and the shares have underperformed their sector by nearly 60 per cent. On Thursday, the pest control and parcels business said its chief executive, and its chairman, Brian McGowan, would be leaving immediately.