LONDON (Alliance News) - Park Group PLC Thursday said Peter Johnson, the company's founder and chairman, intends to retire in early June.
Johnson founded the company back in 1966 as a Christmas hampers supplier and led the company in its growth and evolution, through its stock market listing in 1983 and its transfer to AIM in October 2007, serving as non-executive chairman of the voucher and giftcard retailer since March 2012.
"On behalf of the Board and everyone at Park, I would like to thank Peter for his dedication and hard work over many decades. We have built on his entrepreneurial spirit and vision to transform the business over the years into the successful, dynamic and innovative company we are today," said Chief Executive Chris Houghton.
Park Group has started its search for a successor, with Johnson set to formally retire on June 3. In early October, John Dembitz was appointed as its deputy chairman after joining the company back in 2008 as a non-executive director.
The news of his retirement comes only a month after Park Group reported Johnson had sold a 27.3% stake in the company for GBP32.6 million, placing all of his 50.2 million shares at 65.0 pence each. Johnson no longer holds any shares in the business.
Park Group shares were up 1.4% on Thursday afternoon to 68.94 pence per share. Park Group's share price was trading at 55.0 pence per share back in March 2012, meaning its share price has risen by over 25% since Johnson took over as chairman.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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