REG - Headlam Group PLC - Board Changes

HeadlamAnnouncement

08/03/2022 07:00

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RNS Number : 9250D  Headlam Group PLC  08 March 2022

8 March 2022

Headlam Group plc

('Headlam' or the 'Company')

 

Board Changes

 

Headlam Group plc (LSE: HEAD), Europe's leading floorcoverings distributor, is
pleased to announce that, following an independent search process, Chris
Payne, Interim Chief Executive and Chief Financial Officer, has been appointed
permanent Chief Executive with immediate effect.

 

Following an extensive search, the Board believes that Chris is the best
person to drive delivery of the business change strategy which is focused on
substantial revenue growth opportunities across a broader segment of the
market from a more efficient operating base following the actions taken during
the last two years.

 

The Company has commenced the independent search process for a new Chief
Financial Officer and intends to appoint an Interim Chief Financial Officer
shortly while the search process is ongoing.

 

After seven years on the Board, Philip Lawrence, Non-Executive Chairman, has
decided not to offer himself for re-election at the forthcoming AGM in May
2022, and will step down and leave the Company at that time. During the last
four years as Chairman, Philip has overseen the planning, implementation, and
considerable development of the business change strategy which is now
providing meaningful benefits both operationally and financially, and
demonstrating increasing success. In addition, during his tenure, the Board
has been considerably strengthened, oversight and governance increased, and a
comprehensive ESG strategy initiated.

 

Keith Edelman, Senior Independent Director, will become Non-Executive Chairman
upon conclusion of the AGM in May 2022 (subject to the annual director
re-election shareholder vote), and Simon King, Non-Executive Director, will
become Senior Independent Director (also subject to the annual director
re-election shareholder vote). Additionally, Simon King will assume the
position of Chair of the Remuneration Committee from Keith following the AGM.

 

It is the Board's intention to appoint a new Independent Non-Executive
Director, and will commence this search later in the year.

 

The Company is announcing its final results for the year ended 31 December
2021 on 9 March 2022 (tomorrow). Per the Pre-Close Trading Update in January
2022, profit during 2021 was slightly ahead of expectations, and pleasingly
since that update the trading performance in 2022 has continued to be in line
with plan.

 

Philip Lawrence, Non-Executive Chairman, said:

 

"We are delighted that Chris has been appointed Chief Executive. In the five
years since he joined the Company, he has been a highly effective and
commercial Chief Financial Officer, and a key architect of the business change
strategy. Chris has provided strong leadership over the last five months as
Interim Chief Executive which has seen continuing success coming through from
the strategy, and we are confident he will lead the Company in achieving its
aims.

 

"I shall be stepping down at the AGM in May 2022 having served seven years
with the Company. I have enjoyed my time with Headlam, and as Chairman in the
last four years have presided over some notable changes with the Company in a
significantly better place to grasp the opportunities of organic growth and
scale."

 

Chris Payne, Chief Executive, said:

 

"I am delighted to have now been appointed permanent Chief Executive. Over my
five years with the Company, I have been heavily involved with operations and
the business change strategy in addition to my role as Chief Financial
Officer. I have seen many of our actions now come to fruition, and believe the
Company is poised for greater success in the future, and I intend to drive
through all the opportunities available."

 

Chris Payne's remuneration arrangements in relation to his appointment as
Chief Executive will be detailed in the 2021 Annual Report and Accounts to be
published shortly later this month, and are within the existing approved
Remuneration Policy.

 

Enquiries:

 Headlam Group plc                                          Tel: 01675 433 000
 Chris Payne, Chief Executive                               Email: headlamgroup@headlam.com (mailto:headlamgroup@headlam.com)
 Catherine Miles, Director of IR and ESG

 Panmure Gordon (UK) Limited (Corporate Broker)             Tel: 020 7886 2500
 Erik Anderson / Edward Walsh / Ailsa MacMaster

 Peel Hunt LLP (Corporate Broker)                           Tel: 020 7418 8900
 George Sellar / John Welch / Andrew Clark

 Alma PR (Financial PR)                                     Tel: 020 3405 0205
 Susie Hudson / Rebecca Sanders-Hewett / Lily Soares Smith  Email: headlam@almapr.co.uk

 

Notes for Editors:

 

Operating for 30 years, Headlam is Europe's leading floorcoverings
distributor, providing the channel between suppliers and trade customers of
floorcoverings.

 

Headlam works with suppliers across the globe manufacturing a diverse range of
floorcovering products, and provides them with a cost efficient and effective
route to market for their products into the highly fragmented trade customer
base.

 

To maximise customer reach, Headlam operates 66 businesses across the UK and
Continental Europe (France and the Netherlands). Each business operates under
its own trade brand and utilises individual sales teams while being supported
by the group's distribution network, central teams and resources.

 

The Company's extensive customer base covers both the residential and
commercial sectors, with principal customer groups being independent retailers
and smaller flooring contractors alongside other customer segments such as
larger (multiple) retailers, housebuilders, specifiers, and larger contractors
(including local government / authorities).

 

Headlam provides customers with a market leading service through:

 

·       the broadest product offering;

·       unrivalled product knowledge;

·       tailored service propositions and solutions;

·       sales team and marketing support;

·       ecommerce support and digital applications;

·       nationwide delivery; and

·       trade counter and collection service.

 

www.headlam.com

 

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