REG - On the Beach Group - CEO Succession Plan

On Beach groupAnnouncement

08/12/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221208:nRSH9866Ia&default-theme=true

RNS Number : 9866I  On the Beach Group PLC  08 December 2022

This announcement contains inside information within the meaning of the Market
Abuse Regulation. The person responsible for arranging release of this
announcement on behalf of the Company is the Company Secretary.

 

 

8 December 2022 

On the Beach Group plc  

("On the Beach," "OTB" or the "Group") 

 

 

CEO Succession Plan

 

On the Beach Group plc (LSE: OTB.L) announces that Simon Cooper, the Group's
Founder and Chief Executive Officer ("CEO") will step down from his role
within the next 12 months and the Board is pleased to announce that Shaun
Morton, currently the Group's Chief Financial Officer ("CFO"), has been chosen
by the Board to replace Simon as Group CEO. The timing of Shaun's appointment
as CEO is dependent on the recruitment of an experienced CFO to work alongside
Shaun to deliver the Group's growth strategy. Upon stepping down as CEO, Simon
will remain on the Board as a non-executive Founder Director.

 

Shaun joined On the Beach in February 2018 and was appointed CFO in July 2020.
During his time at On the Beach, Shaun has been instrumental in guiding the
Group through COVID, leading on strategic initiatives including the investment
in our brand, technology and customer proposition and our decision to capture
share in the Premium, Long Haul and B2B segments. Since his appointment as
CFO, Shaun has worked very closely with Simon on all operational and
commercial aspects of the business, including the evolution of the strategy,
which will ensure a seamless transition when he assumes the role of CEO.

 

Simon founded On the Beach in 2004 and has grown the business into one of the
UK's leading online beach holiday retailers. When he takes up his new role as
Founder Director, Simon will remain actively involved in the business and
continue to work closely with Shaun. Simon remains a significant shareholder
in On the Beach, having increased his stake on 19 August 2022.

 

The Board has appointed external consultants to support with a search process
for a new CFO and will provide an update as and when appropriate.

 

Richard Pennycook, Chair of On the Beach Group plc, commented:

"I am delighted that Shaun has agreed to succeed Simon as CEO of On the Beach.
Shaun's diligent approach to the Group's finances through the pandemic has
ensured we exited Covid with a strong balance sheet and this stands us in good
stead as we look to the next growth phase. I have worked closely with Shaun
since becoming Chair and I share Simon's confidence in Shaun's excellent
leadership credentials and have no doubt that he is the right person to lead
OTB onto the next chapter.

 

"The Board and business as a whole will continue to benefit from Simon's deep
knowledge of the company he has built, the technology that drives it and the
wider travel environment in his Founder Director role and I look forward to
working with him in this capacity."

 

Simon Cooper, Chief Executive of On the Beach Group plc, commented:

"On the Beach has had an amazing journey in the 18 years since I founded it
and I feel that now is the right time to hand over the reins to my successor.
I am confident that Shaun is the right person to guide On the Beach through
the next phase of growth and take advantage of the opportunities that lie
ahead.

 

"Everyone that works in the travel industry has experienced immense change
over the past few years and with the travel industry now returning to
pre-Covid levels, I have every confidence in On the Beach continuing to be a
success and look forward to transitioning to my new Founder Director role once
the right CFO candidate has been selected."

 

Shaun Morton, CEO designate, said:

"I am honoured and excited to take over from Simon as CEO of On the Beach, a
company that he started from nothing nearly two decades ago. The travel
industry is constantly evolving and I am confident that On the Beach's
flexible model will continue to win market share while delivering excellent
value for our customers. The strategy that we as a senior leadership have put
in place is the right one and having Simon remain with the Group in his
Founder Director role will be invaluable as we execute against this strategy."

 

For further information:

 

 On the Beach Group plc                  via FTI Consulting

 Simon Cooper, Chief Executive Officer

 Shaun Morton, Chief Financial Officer

 FTI Consulting                          Tel: +44 (0)20 3727 1000

 Alex Beagley                            onthebeach@fticonsulting.com

 Fiona Walker

 Sam Macpherson

 Rafaella de Freitas

 

About On the Beach

On the Beach is a consumer-centric disruptor on a mission to continually
democratise easy access, hassle free, excellent value holidays. Having
invested in proposition, technology, brand and service, our asset light model
is well positioned to continue to attract and retain the widest possible
audience of beach holidaymakers. We are a leading online retailer in the UK
short haul beach holiday market. By expanding into B2B and Long-Haul channels,
we have doubled our UK addressable market, and have a long‐term vision to
become Europe's leading online retailer of beach holidays.  

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCMZMGZMNGGZZZ