On the Beach Group PLC Directorate Change -- Chief Financial Officer (4368R)
June 30 2020 - 1:00AM
UK Regulatory
TIDMOTB
RNS Number : 4368R
On the Beach Group PLC
30 June 2020
30 June 2020
On the Beach Group plc
("On the Beach", "OTB" or the "Group")
Directorate Change - Chief Financial Officer
On the Beach Group plc (LSE: OTB.L) announces that the Group's
Chief Financial Officer, Paul Meehan, has tendered his resignation
to the Board in order to pursue other business interests. Since
joining the Group in January 2017, Paul has made a significant
contribution to the Group's success and growth, including two
acquisitions and the recent GBP67m share placing and GBP25m CLBILS
facility . He has developed and implemented a strong people
strategy and a solid succession plan. Paul therefore informed the
Board that he felt that he was leaving OTB in the best possible
shape to continue on its growth journey. To ensure a smooth
transition, he will step down as CFO and from the Board on 17 July
2020 and will be available when and if appropriate during the
upcoming months.
Subsequently, On the Beach announces that Shaun Morton, the
Group's Director of Finance, will be promoted to Chief Financial
Officer and will join the Board as a Director on 17 July 2020.
Shaun joined the Group in his current role in February 2018 and has
worked alongside Paul throughout his tenure. Shaun was heavily
involved in dealing with the failure of Thomas Cook, the
acquisition of Classic Collection and the delivery of the Group's
recent share placing and CLBILS facility. The Group has rigorous
succession plans in place, and Shaun was identified as a natural
successor to Paul and as such, Paul has invested in developing and
preparing Shaun to take on the role of CFO. Prior to joining On the
Beach, Shaun occupied senior finance roles at Deloitte, Asda and
most recently Ghd Hair, the consumer hair products business, where
he was the Director of Finance for the Group. Shaun is a qualified
Chartered Accountant and trained with Deloitte LLP.
Simon Cooper, Chief Executive of On the Beach Group plc,
said:
"I would like to take this opportunity, on behalf of the Board,
to thank Paul for his three and a half years with On the Beach,
during which time we have successfully completed two acquisitions
and, most recently, a GBP67m placing of new shares. I wish him all
the best with his future endeavours.
"I would also like to congratulate Shaun to his new CFO role.
Shaun has a built a strong understanding of the online travel
industry since joining the Group and I look forward to working with
him as we deliver on the Group's strategy to become Europe's
leading online retailer of beach holidays."
Paul Meehan commented:
"I have very much enjoyed my time with On the Beach and feel
that now is the right time to concentrate on and pursue other
business interests. I have worked closely with Shaun since he
joined the Group and I believe he is well-placed to take over the
CFO role and deliver on the next phase of OTB's growth. I wish
Simon and the team every success in the future."
There are no further disclosures required under LR.9.6.13 in
relation to the appointment of Shaun Morton.
For further information:
On the Beach Group plc: via FTI Consulting
Simon Cooper, Chief Executive Officer
FTI Consulting: +44 (0)20 3727 1000
Alex Beagley
Fiona Walker
Sam Macpherson
About On the Beach
With over 20% share of online sales in the short haul beach
holiday market, we are one of the UK's largest online beach holiday
retailers. We have significant opportunities for growth and a
long-term mission to become Europe's leading online retailer of
beach holidays. By using our innovative technology, low-cost base
and strong customer-value proposition to provide a structural
challenge to legacy tour operators, we continue our journey to
disrupt the online retail of beach holidays. Our model is
customer-centric, asset light, profitable and cash generative.
www.onthebeachgroupplc.com
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END
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