Wagamama owner Restaurant Group's chairman to step down -Sky News (updated)

Restaurant

07/09/2023 22:22

(Adds details from Sky News report in paragraph 3, no comment
paragraph 4, background paragraphs 5-6)
       Sept 7 (Reuters) - Ken Hanna, the chairman of Wagamama
owner Restaurant Group  RTN.L , will step down after months of
pressure from activist investors, Sky News reported.
    Hanna has informed the board of his intention to step down
once a successor is identified, the report said, adding that his
departure could be announced as early as Friday.
        "Ken clearly wants to avoid a prolonged and distracting
dispute with Oasis when the company's just reported a
sector-leading set of results and another (profit) upgrade," a
person familiar with the matter told Sky News.
        Britain's Restaurant Group, the owner of chains
including Wagamama and Brunning & Price, declined to comment on
the report when contacted by Reuters.
    The London-listed company has been the target of activist
shareholders Oasis Management and Irenic Capital Management that
have urged governance and management changes.
        The company on Wednesday posted an increase in
first-half earnings and said it expects its annual profit to
rise.
    

 (Reporting by Gokul Pisharody in Bengaluru; editing by Jonathan
Oatis and Rosalba O'Brien)
 ((Gokul.Pisharody@thomsonreuters.com;))