Capita, the outsourcing firm, has announced its Chief Executive, Andy Parker, will be leaving the firm later this year once a replacement is found. The news came as it revealed that annual pre-tax profits had fallen 33% to £74.8m. Capita is under investigation by the BBC for how it collects the TV license fee, after claims it was too aggressive. Earlier this week, BBC Director-General, Tony Hall, wrote an open letter to Mr Parker in reference to Capita’s conduct.

Parker said 2016 had been a "challenging year and Capita delivered a disappointing performance". In addition to these issues, the company will drop out of the UK's FTSE 100 index of leading shares later this month because its share price has fallen sharply.

You can read the letter from the BBC here, or read more about the story here.