(Alliance News) - Appreciate Group PLC on Thursday said Chief Executive Officer Ian O'Doherty plans to step down, joining Chief Financial Officer Tim Clancy as the latest executive to leave the company.
Shares in the Liverpool-based prepaid gift card and voucher provider were down 9.8% at 27.15 pence each in London on Thursday morning.
Appreciate said that whilst O'Doherty will leave the company at the end of July, he will remain available to advise the company until January next year.
O'Doherty joined Appreciate back in 2018 and led it through a "significant period of business transformation". Notably, he streamlined the business, moved it to new offices in Liverpool, disposed of its non-core activities, and navigated the disruption of the pandemic.
"Having completed this stage of the group's transformation, now is the appropriate time for O'Doherty to step down and for new leadership to be appointed for the next stage of the group's growth strategy," the company said.
In the meantime, Chair Guy Parsons will become executive chair to ensure a smooth transition as Appreciate commences its search for a new CEO.
The board said that it is confident that the business will operate "normally" under the leadership of the executive chair. It added that it also has "strong" executive and divisional management teams.
The news follows the departure of CFO Tim Clancy earlier this month. Appreciate appointed its Director of Finance Talha Ahmed into the interim position following his resignation.
The process to find a permanent CFO is "progressing", Appreciate said.
Parsons said: "I would like to thank Ian for his significant contribution to the group's transformation of recent years and successfully navigating it through the disruption of the pandemic.
"The business is in good shape and I am confident we will move purposefully to achieve our long term goals as we progress our digitally led growth strategy."
By Sophie Rose; sophierose@alliancenews.com
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