REG - On the Beach Group - CFO Appointment and CEO Succession Plan Update

On Beach groupAnnouncement

31/03/2023 07:00

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RNS Number : 8450U  On the Beach Group PLC  31 March 2023

31 March 2023

On the Beach Group plc

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

 

CFO Appointment and CEO Succession Plan update

 

On the Beach Group plc (LSE: OTB.L) is pleased to announce the appointment of
Jon Wormald as Group Chief Financial Officer ("CFO"). Jon will join On the
Beach and the Board on 30 June 2023, at which point the Group's previously
announced CEO Succession Plan will be enacted. On the same date, Shaun Morton,
the Group's current CFO, will replace Simon Cooper as Chief Executive Officer
("CEO") and Simon will transition to his new role of Founder Director NED.

 

Jon joins On the Beach from THG PLC, a global e-commerce technology group and
brand owner, where he is currently CFO of THG Nutrition, the world's largest
online sports nutrition brand. At THG Nutrition, Jon has been responsible for
the financial performance of the division alongside responsibility for the
vertically integrated manufacturing businesses. Jon joined THG in 2021 as
Deputy Group Chief Financial Officer to deliver the successful reorganisation
of the Group, designed to maximise strategic optionality, which was completed
ahead of market expectations. Prior to THG, Jon spent 11 years at the
Co-operative Group Limited, holding a number of senior roles including
Director of M&A, Programme Director and leading the Group's Finance
department.

 

The Nomination Committee is progressing a search for an additional independent
Non-Executive Director to complement the existing balance of skills and
experience on the Board. Once this position is filled, the Board composition
will remain in line with the requirements of the UK Corporate Governance Code.

 

Richard Pennycook, Chair of On the Beach, commented:

"The Board and I are delighted to welcome Jon as our incoming Group CFO.
Having worked closely with Jon in a previous role, I know he is a talented
individual whose extensive experience in both online and consumer-facing
businesses are well suited to the Company and we look forward to working with
him."

 

Shaun Morton, CEO designate, commented:

"Jon's senior financial and operational roles will be invaluable to us at On
the Beach as we continue to strengthen the brand and bring our leading
customer proposition to a broader audience of beach holiday makers. I look
forward to working closely with Jon as I step into the role of CEO and am also
pleased to continue working with Simon in his new Founder Director role."

 

Jon Wormald, incoming CFO, commented:

"I am thrilled to be joining On the Beach as Group CFO, working with such a
talented team in an exciting sector. The business is recognised for its
customer-first mentality and has a clear strategy for future growth, and I am
looking forward to contributing to its ongoing success."

 

The Group confirms that there is no further information to be disclosed under
the requirements of Listing Rule 9.6.13R.

 

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 plc is one of the UK's largest online beach holidays retailers,
with significant opportunities for growth and is on a long-term mission to
become Europe's leading beach holiday retailer. Its innovative technology,
low-cost base and strong customer-value proposition provides a structural
challenge to legacy tour operators and online travel agents, as it continues
disrupting the online retail of beach holidays. Its model is customer-centric,
asset light, profitable and cash generative.

 

www.onthebeachgroupplc.com (http://www.onthebeachgroupplc.com/)

 

 

 

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