REG - Spire Healthcare Grp - CFO transition

Spire HealthcareAnnouncement

29/02/2024 07:15

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RNS Number : 8751E  Spire Healthcare Group PLC  29 February 2024

Spire Healthcare Group plc

 

('Spire Healthcare', 'the Company' or 'the Group')

 

Spire Healthcare Group announces CFO transition

 

29 February 2024

 

Spire Healthcare Group Plc (LSE: SPI, the "Company" or "Spire Healthcare")
today announces that after five years, Jitesh Sodha has decided to step down
from the Board and as Chief Financial Officer ("CFO") in order to focus on the
next phase of his career to build a portfolio of non-executive director roles.
Jitesh will step down from the Board following the Annual General Meeting, to
be held in May 2024, following which he will continue in the business
reporting to Justin Ash, Chief Executive Officer until February 2025 to ensure
a smooth transition for the Company and to support a number of strategic
initiatives and projects.

 

The Board is pleased to announce that Harbant Samra, currently Deputy CFO for
the Company, will be appointed CFO when Jitesh steps down from the Board.

 

Harbant joined Spire Healthcare in 2018 as a Group Financial Controller and
became Deputy CFO in 2022. Prior to this, he was at Lloyds Banking Group for
seven years, latterly as a Finance Director, and at Deloitte for fifteen years
in its UK audit and advisory practice.

 

Justin Ash, Chief Executive Officer, said:

"Since joining Spire in 2018 Jitesh has led a transformation in our financial
performance, sales of two businesses and three acquisitions, navigating us
through the pandemic period with a strong profit recovery and restructuring
our balance sheet so our leverage is the lowest it has been since we listed.

 

I wish to thank Jitesh for his significant contribution. Spire would not be in
the great place it is today without his leadership and I am sure many of you
will wish to extend your good wishes to Jitesh as he embarks on the next stage
of his career.

 

I am pleased that Harbant has accepted the role of CFO. His financial,
commercial and operational experience, as well as knowledge of our business as
both the current Deputy CFO and former interim CFO, make him well placed to
take up this position and we look forward to continuing to deliver the
Company's strategic objectives."

 

Sir Ian Cheshire, Non-Executive Chairman, said:

"I want to express our deep gratitude for the significant and valuable role
Jitesh has played during his time here in helping to build Spire into a
leading independent healthcare group. While we are sorry to see him go, we
wish him well in the next phase of his career.

 

I also look forward to having Harbant on board as CFO and working with him to
further Spire Healthcare's mission of making a positive difference to people's
lives through providing outstanding personalised care."

 

There is no further information required to be disclosed pursuant to LR
9.6.13R.

 

- Ends -

 

For further information please contact:

 

Spire Healthcare

Angus Prentice - Director of Investor Relations            +44 (0)7974
982 512

 

Instinctif Partners

Damian
Reece
+44 (0)7931 598 593

Guy
Scarborough
+44 (0)7917 178 920

 

Registered Office and Head Office:

 

Spire Healthcare Group plc

3 Dorset Rise

London

EC4Y 8EN

Registered number 09084066

 

 

About Spire Healthcare

 

Spire Healthcare (http://www.spirehealthcare.com) is a leading independent
healthcare group in the United Kingdom, with 39 hospitals and over 50 clinics,
medical centres and consulting rooms across England, Wales and Scotland. It
operates a network of private GPs and provides occupational health services to
over 800 corporate clients.

 

Working in partnership with over 8,600 experienced consultants, Spire
Healthcare delivered tailored, personalised care to over one million
inpatients, outpatients and daycase patients, and occupational health
programme clients, in 2023, and is the leading private provider, by volume, of
knee
(https://www.spirehealthcare.com/treatments/bones-and-joints/knee-replacement/)
and hip
(https://www.spirehealthcare.com/treatments/bones-and-joints/hip-replacement-surgery/)
operations in the United Kingdom. It also delivers a range of private and NHS
mental health, musculoskeletal and dermatological services.

 

Spire Healthcare's well-located and scalable hospitals have delivered
successful and award-winning outcomes, positioning the group well with
patients, consultants, the NHS, GPs and Private Medical Insurance ('PMI')
providers. 98% of Spire Healthcare's inspected locations are rated 'Good,'
'Outstanding' or the equivalent by health inspectors in England, Wales and
Scotland.

 

Spire Healthcare is listed on the London Stock Exchange and is a member of the
FTSE 250.

 

Further background

 

Harbant joined Spire Healthcare in 2018 as a Group Financial Controller and
became Deputy CFO in 2022 and having also acted as interim CFO in 2022. Prior
to this, he was at Lloyds Banking Group for seven years, latterly as a Finance
Director, and at Deloitte for fifteen years in its UK audit and advisory
practice. Harbant's financial, commercial and operational experience, as well
as knowledge of Spire's business, makes him well-placed to succeed Jitesh
Sodha as the new CFO in order to support the continued delivery of the
Company's strategic objectives.

 

Jitesh Sodha will be treated in accordance with Spire Healthcare's
shareholder-approved Directors' Remuneration Policy. Given his contribution to
the Group since his appointment in 2018, Jitesh will be treated as a good
leaver. Full details will be disclosed in the relevant Directors' Remuneration
Report.

 

Harbant Samra will receive a salary of £380,000 with all other elements of
his future remuneration package in line with the Directors' Remuneration
Policy. Harbant's base salary has been set below his predecessor. It is the
Remuneration Committee's intention to keep his salary under review in future
years to ensure it continues to reflect his experience and development in
role.

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