REG - Close Bros Grp PLC - Directorate Change

Close BrothersAnnouncement

07/01/2025 07:00

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RNS Number : 3158S  Close Brothers Group PLC  07 January 2025

 

Press Release
 

 Update on Group Chief Executive
 7 January 2025

Close Brothers Group plc ("Close Brothers" or "the Group") announces that
following a period of medical leave, Adrian Sainsbury and the Board have
agreed that he will step down from his position as Group Chief Executive and
Executive Director of the Group with effect from 6 January 2025 to focus on
his health. He is recuperating well and expected to make a full recovery.

Following Adrian's departure, the Board is pleased to announce the appointment
of Mike Morgan as Group Chief Executive on a permanent basis, subject to
regulatory approval.

Mike Biggs, Chairman, said:

"The Board would like to sincerely thank Adrian for his material contribution
during his 11 years with the Group, the last four of which were as Chief
Executive. During this time he has overseen a period of significant growth and
development for the Group, successfully leading the organisation through a
challenging period which includes Covid and heightened geopolitical
uncertainty. On behalf of the Board I would like to wish Adrian all the very
best for the future."

"I am also pleased to confirm the appointment of Mike Morgan as permanent
Group Chief Executive, subject to regulatory approval. Mike has made a strong
contribution as Group Finance Director for the past five years and has been
successfully performing the Chief Executive role on an interim basis over the
last several months. He brings deep knowledge of the organisation and his
appointment will ensure continuity in the leadership of the Group and delivery
of our strategy."

Adrian Sainsbury, outgoing Group Chief Executive, said:

"It has been a privilege to lead the Group as Chief Executive for the last
four years. During my time at Close Brothers I have been deeply impressed by
the enduring strength of our business model, and the dedication and expertise
of our people. I would like to thank the team at Close Brothers for their
commitment and support, and wish them every success for the years to come."

Details of Adrian Sainsbury's remuneration arrangements on stepping down from
the Board, which are consistent with the Group's remuneration policy, will
shortly be made available on the Group's website (www.closebrothers.com
(http://www.closebrothers.com) ), as required by section 430(2B) of the
Companies Act 2006.

Enquiries

Sophie Gillingham
Close Brothers Group
plc                              020 3857 6574

Camila
Sugimura                                 Close
Brothers Group plc
020 3857 6577

Sam
Cartwright
H/Advisors
Maitland
07827 254561

 

About Close Brothers

Close Brothers is a leading UK merchant banking group providing lending,
deposit taking, wealth management services and securities trading.  We employ
approximately 4,000 people, principally in the United Kingdom and Ireland.
Close Brothers Group plc is listed on the London Stock Exchange.

Cautionary Statement

Certain statements included or incorporated by reference within this
announcement may constitute "forward-looking statements" in respect of the
group's operations, performance, prospects and/or financial condition. All
statements other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Forward-looking statements are sometimes, but
not always, identified by their use of a date in the future or such words as
"anticipates", "aims", "due", "could", "may", "will", "should", "expects",
"believes", "intends", "plans", "potential", "targets", "goal" or "estimates".
By their nature, forward-looking statements involve a number of risks,
uncertainties and assumptions and actual results or events may differ
materially from those expressed or implied by those statements. There are also
a number of factors that could cause actual future operations, performance,
financial conditions, results or developments to differ materially from the
plans, goals and expectations expressed or implied by these forward-looking
statements and forecasts. These factors include, but are not limited to, those
contained in the group's annual report (available at:
https://www.closebrothers.com/investor-relations
(https://www.closebrothers.com/investor-relations) ). Accordingly, no
assurance can be given that any particular expectation will be met and
reliance should not be placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities should not be
taken as a representation that such trends or activities will continue in the
future.

Except as may be required by law or regulation, no responsibility or
obligation is accepted to update or revise any forward-looking statement
resulting from new information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast. Past performance cannot
be relied upon as a guide to future performance and persons needing advice
should consult an independent financial adviser.

This announcement does not constitute or form part of any offer or invitation
to sell, or any solicitation of any offer to subscribe for or purchase any
shares or other securities in the company or any of its group members, nor
shall it or any part of it or the fact of its distribution form the basis of,
or be relied on in connection with, any contract or commitment or investment
decisions relating thereto, nor does it constitute a recommendation regarding
the shares or other securities of the company or any of its group members.
Statements in this announcement reflect the knowledge and information
available at the time of its preparation. Liability arising from anything in
this announcement shall be governed by English law. Nothing in this
announcement shall exclude any liability under applicable laws that cannot be
excluded in accordance with such laws.

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