REG - NWF Group PLC - Board Changes

NWFAnnouncement

01/08/2023 07:00

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RNS Number : 8127H  NWF Group PLC  01 August 2023

For release Tuesday 1 August 2023

NWF Group plc

 

NWF Group plc: Board Changes

 

NWF Group plc ('NWF' or the 'Group'), the specialist distributor of fuel, food
and feed across the UK, announces that Richard Whiting, Chief Executive, has
informed the Board of his decision to retire from NWF in March 2024, after
leading the Group successfully for the last 15 years.

In line with the Board's succession plans, Chris Belsham, currently Group
Finance Director, will be appointed Chief Executive upon Richard's retirement,
and effective today, assumes the role of Chief Executive Designate. Chris
joined NWF in 2017, following an earlier career in corporate finance and
accountancy.

Further, NWF is pleased to announce the appointment of Chris' successor, Katie
Shortland, as Chief Financial Officer with effect from 2 October 2023. Katie
is an experienced finance and business leader with extensive experience
working in infrastructure, engineering and manufacturing; she is currently
Finance and Transformation Director at Midland Expressway Limited, having held
other senior finance positions at Meggitt PLC and Rolls-Royce plc.

In addition, it is announced that Philip Acton's tenure as non-executive Chair
will be extended further for a limited period of time, until the 2024 AGM, in
order to oversee the transition and continue to facilitate effective
succession planning.

Commenting on the changes, Chair, Philip Acton said: "I would like to thank
Richard for his substantial contribution to the positive development of the
Group over the last 15 years, leaving it well positioned for the next phase of
its growth plans. During his time, NWF has significantly grown all three
divisions through organic investment and acquisitions, whilst at the same time
paying down all of its debt and raising the dividend in each of the last
twelve  years.

"I would like to congratulate Chris on his promotion which recognises the key
role he has played in the Group's performance and strategic direction since
joining the Board in 2017, and welcome Katie to the business, as we look
forward to her participation in the execution of the next phase of our growth
strategy."

Richard Whiting CEO said: "It has been a privilege to lead NWF through its
last 15 years of successful growth. The business is now well placed with
strong performances in all three divisions, a clear strategy on which progress
is being made and the cash generative capability and funding to continue its
development. I am delighted Chris will be my successor as CEO and I wish Chris
and all the great team at NWF continued success in the years ahead."

 

Disclosures required by Schedule 2(g) of the AIM Rules for Companies:

Katie Jane Shortland, aged 45, does not currently hold, nor has held in the
previous five years, any directorships.

 

Save for the disclosures above, there is no other information that is required
to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for
Companies in relation to the appointment of Katie Shortland as Chief Financial
Officer.

 

Information for investors, including analyst consensus forecasts, can be found
on the Group's website at www.nwf.co.uk (http://www.nwf.co.uk/)

 

 

 Richard Whiting, Chief Executive          Reg Hoare / Catherine Chapman /  Mike Bell / Ed Allsopp
 Chris Belsham, Chief Executive Designate  Christian Harte

 NWF Group plc                             MHP                              Peel Hunt LLP
                                                                            (Nominated Adviser and broker)
 Tel: 01829 260 260                        Tel: 020 3128 8339               Tel: 020 7418 8900

 

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