Karim Naffah, the former finance director of Mitchells & Butlers, has been appointed as managing director of the Rocco Forte Collection, the luxury hotel business. Naffah, who resigned his post at M&B after the group ran up hedging losses of £500m, will share the running of the company with Sir Rocco Forte. He has been advising the group on a restructuring of the business since 2009. The appointment will leave Sir Rocco more time to drive the international expansion of the 13-strong chain, leaving the day-to-day management Naffah. Sir Rocco, who founded the chain in 1996 after Granada's acrimonious takeover of the Forte hospitality empire, said: "We have selected Karim for his proven ability to establish robust business planning and performance disciplines, in addition to his strategic skills." Naffah, who was educated at Harrow and Oxford, has worked on efforts to avert a cash-flow crisis at Forte. He helped secure a debt restructuring that included a £300m refinancing with HBOS that was agreed in January. The former M&B executive is well respected in the leisure sector despite his involvement in a failed property deal with real estate tycoon Robert Tchenguiz that led to the hedging losses.