RNS Number : 6566L

Renew Holdings PLC

17 May 2022

Renew Holdings plc

("Renew" or the "Group")

Directorate Change

The Board of Renew announces the following Board changes with immediate effect.

As referred to in a previous announcement, David Forbes has now resigned as Chairman and Director of Renew, after almost 11 years on the Board. The Board would like to thank David for his outstanding contribution to the transformation of the Group during his tenure and wish him all the best in the future as he continues to pursue his other business interests.

David Brown, currently Senior Independent Director and Chair of the Remuneration Committee, has been appointed Non-executive Chairman of Renew and Chairman of the Company's Nomination Committee. David joined the Board in 2017 and has made a significant contribution to the development of the strategy and success of the Group over this period.

Shatish Dasani, currently Chair of the Audit & Risk Committee, has additionally assumed the responsibilities of Senior Independent Director.

Stephanie Hazell, currently Non-executive Director, has been appointed as Chair of the Remuneration Committee.

As previously announced, the Board continues to search for an additional Non-Executive Director to strengthen the Board.

Paul Scott, CEO said:

"I would like to thank David for his support and commitment to both me personally and the Renew Board. During David's tenure on the Board, the Group has grown significantly and has delivered outstanding shareholder returns. He leaves the business in a strong financial position with excellent growth prospects."

"I am delighted that David Brown has taken over the Chair. He has been a member of the Board for the last 5 years during which time he has made a significant contribution to the Group's progress. His appointment will provide important continuity as we continue to deliver on our strategic priorities."

For further information, please contact:

Renew Holdings plc                              www.renewholdings.com 
Paul Scott, Chief Executive Officer                via FTI Consulting 
Sean Wyndham-Quin, Chief Financial Officer              020 3727 1000 
Numis Securities Limited (Nominated Adviser 
 and Joint Broker)                                      020 7260 1000 
Stuart Skinner / Kevin Cruickshank 
Peel Hunt LLP (Joint Broker)                            020 7418 8900 
Mike Burke / Harry Nicholas / Charles 
FTI Consulting (Financial PR)                           020 3727 1000 
Alex Beagley / Sam Macpherson / Rafaella      Renew@fticonsulting.com 
 de Freitas 

About Renew Holdings plc

Renew is a leading UK Engineering Services business, performing a critical role in keeping the nation's infrastructure functioning efficiently and safely. The Group operates through independently branded subsidiaries across its chosen markets, delivering non-discretionary maintenance and renewal tasks through its highly skilled, directly employed workforce.

Renew's activities are focused into two business streams: Specialist Engineering, which accounts for over 95 per cent of the Group's adjusted operating profit, focuses on the key markets of Rail, Infrastructure, Energy (including Nuclear) and Environmental which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.

Specialist Building focuses on the High Quality Residential and Science markets in London and the Home Counties.

For more information please visit the Renew Holdings plc website: www.renewholdings.com

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(END) Dow Jones Newswires

May 17, 2022 10:05 ET (14:05 GMT)

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