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

Restaurant

08/09/2023 07:32

(Adds background on Hanna in paragraphs 2 and 3, investor
action in paragraph 4, CEO comment in paragraph 6)
       Sept 8 (Reuters) - Wagamama owner Restaurant Group
 RTN.L  said on Friday Chairman Ken Hanna will step down after
months of pressure from activist investors to change its
management and improve profitability.
    Hanna, who took over as the group's chairman at the start of
January 2022, will remain its chair until a successor is
appointed. 
    He had also held the role of chairman at car dealer Inchcape
and equipment rental firm Aggreko.
    The Restaurant Group management has come under fire from
activist shareholders Oasis Management and Irenic Capital
Management seeking changes at the company, whose shares lost
two-thirds of their value last year.
    Hanna informed of his intention not to seek re-election at
the group's next annual general meeting in 2024 due to personal
reasons, the company said in a statement.
    "A hugely valued colleague during a critically important
period for TRG as we have successfully recovered from the Covid
pandemic and made good progress with our strategy," CEO Andy
Hornby said.
    The group, which also owns the Brunning & Price restaurants,
earlier this week projected its annual profit to be higher after
posting an increase in first-half earnings as more people dined
at its restaurant and pubs.

 (Reporting by Radhika Anilkumar in Bengaluru; Editing by
Subhranshu Sahu)
 ((Radhika.Anilkumar@thomsonreuters.com;))