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RNS Number : 7682L Gear4music (Holdings) PLC 24 April 2024
24 April 2024
Gear4music (Holdings) plc
Board Succession Update
Gear4music (Holdings) plc ("Gear4music", "the Company" or "the Group"), the
largest UK based online retailer of musical instruments and music equipment,
is pleased to announce its Board succession plan.
Having served the Group since IPO in 2015, Ken Ford (Non-Executive Chair) and
Dean Murray (NED) are approaching the end of their nine-year tenure, and are
intending to step down from the Board later this year.
The existing Board, Chair and Nominations committee have diligently evaluated
revised board structures to ensure the best outcomes for all stakeholders and,
having consulted with certain of the Company's major shareholders, we are
pleased to announce the following changes will take effect from Friday 5 July
2024:
· Ken Ford to step down as Non-Executive Chair and retire from the
Board
· Andrew Wass to move from CEO to Executive Chair
· Gareth Bevan, current CCO, to be appointed as CEO
· Neil Catto, recently appointed as CFO of Revolution Beauty Group Plc
and former CFO of Boohoo Group plc, to join the board as Senior Independent
Director ('SID') and Audit Committee chair
· Chris Scott's and Harriet Williams' (CFO and NED respectively) roles
and responsibilities remain unchanged
Dean Murray has agreed to remain on the Board until a suitable NED candidate
with appropriate experience has been appointed. The Group has appointed an
agency to help with this process and the search to identify candidates is
under way.
Neil Catto
Neil has significant experience of serving on the boards of AIM-listed
companies as both executive and non-executive director. Neil was CFO of Boohoo
between 2011 and 2022 and is now CFO of Revolution Beauty, having initially
joined as a non-executive director in 2023. Neil is also a non-executive
director of tinyBuild Inc. He was previously Finance Director of dabs.com plc
and has held senior financial positions in BT plc and The Carphone Warehouse
Group. Neil qualified as a chartered accountant with EY.
Andrew Wass, CEO and Executive Chair designate of Gear4music said:
"On behalf of the Gear4music team, I extend our heartfelt thanks to Ken and
Dean for their dedication and invaluable contributions over the past nine
years. I am deeply appreciative of the wise counsel and steadfast support they
have provided throughout their tenure.
I am very much looking forward to working alongside Gareth in our respective
new roles. Gareth has been with the business for twelve years as Chief
Commercial Officer and has 25 years' experience in our industry, and we firmly
believe there is no better person to be Gear4Music's CEO. The transition will
ensure seamless continuity within our leadership team whilst enhancing our
strategic focus.
I look forward to spearheading our strategic initiatives, overseeing the
advancement of our bespoke e-commerce platform and continuing to provide
support to our team and stakeholders.
Finally, on behalf of the Gear4music team, I would like to welcome Neil to the
board. Neil's extensive e-commerce and listed company director experience will
prove invaluable as we continue with the implementation of our long-term
growth plan whilst ensuring good governance."
Ken Ford, Non-Executive Chair of Gear4music said:
"I am deeply grateful to the Board members, staff, and stakeholders for their
commitment to the business, enthusiasm and delivery since I joined the Board
as Chair in 2015.
This period has seen remarkable growth. There have been challenges to overcome
along the way but, today, our business stands significantly stronger, a
testament to the collective efforts and dedication of our entire team. With
the newly restructured Board, I am confident that their diverse skills and
experience will continue to drive transformative change.
I extend my best wishes to the team on their journey towards sustainable and
profitable growth and I am confident that they will continue to drive
Gear4music forward."
- Ends -
Enquiries:
Gear4music +44 (0)20 3405 0205
Andrew Wass, Chief Executive Officer
Chris Scott, Chief Financial Officer
Singer Capital Markets - Nominated Adviser and Broker +44 (0)20 7496 3000
Peter Steel/Sam Butcher, Corporate Finance
Tom Salvesen, Corporate Broking
Alma - Financial PR +44 (0)20 3405 0205
Rebecca Sanders-Hewett Gear4music@almastrategic.com
Joe Pederzolli
David Ison
Information regarding the appointment of Neil James Catto, aged 57, as
required under Rule 17 and Schedule 2(g) of the AIM Rules for Companies is set
out below.
Current Directorships
Revolution Beauty Group PLC
Revolution Beauty Ltd
Revolution Beauty Labs Ltd
Revolution Beauty Nominees Ltd
Revolution Beauty Holdings Ltd
Revolution Beauty UK HOLDCo Ltd
tinyBuild Inc.
Previous Directorships (within the last five years)
boohoo Group plc
Boohoo.com UK Limited
Boohoo.com USA Limited
Boohoo.com Australia PTY
Boohoo France SAS
Boohoo.com UK Limited Liaison Office Turkey
Boohoo.com Italy SRL
Boohoo Property Holdings 2 Limited
Boohoo Holdings Limited
Boo Who Limited
Boohooman.com UK Limited
Boohoo.com Germany GmbH
Debenhams Brands Limited
Debenhams Holdings Limited
Nasty Gal Limited
NastyGal.com USA Inc
Prettylittlething.com Limited
Prettylittlething.com Limited USA Inc
Miss Pap UK Limited
Coastlondon.com Limited
Karenmillen.com Limited
Oasis Fashions Online Limited
Dorothy Perkins Online Limited
Burton Online Limited
Redherring.com Online Limited
Principles.com Online Limited
Maine.com Online Limited
Mantaray.com Online Limited
PGBH Limited
Pancorp1 Limited
Shanghai Wasabi Frog Trading Co Limited
Faith.com Online Limited
Wallis Online Limited
21Three Clothing Company Limited
Warehouse Fashions Online Limited
As at the date of this announcement, Neil Catto does not hold an interest in
the ordinary shares of the Company.
Save as set out above, there are no further disclosures pursuant to Rule 17 or
Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the
appointment of Neil Catto.
About Gear4music (Holdings) plc
Operating from a Head Office in York, Distribution Centres in York, Bacup,
Sweden, Germany, Ireland & Spain, and showrooms in York, Bacup, Sweden
& Germany, the Group sells own-brand musical instruments and music
equipment alongside premium third-party brands including Yamaha, Roland and
Roland, to customers ranging from beginners to musical enthusiasts and
professionals, in the UK, Europe and the Rest of the World.
Having developed its own e-commerce platform, with multilingual, multicurrency
websites delivering to over 190 countries, the Group continues to build its
overseas presence.
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