Compass Group Regulatory News (CPG)

22 September 2023

Compass Group PLC

Director Changes

Compass Group PLC today announces that, after nearly 40 years of dedicated service, Gary Green has informed the Board that he wishes to retire as Group Chief Operating Officer (COO), North America and as a director of Compass Group PLC. He will step down from the Board on 30 November 2023, however, he remains available to Compass Group until 31 March 2024.

Palmer Brown will assume the role of Group Chief Operating Officer, North America with effect from1 December 2023 and will remain a director of the Board. Palmer will hand over his responsibilities as Group Chief Financial Officer (CFO) to Petros Parras, current Regional Finance Director, Europe Middle East (EME). Palmer Brown joined the US business 22 years ago and has spent most of his working career in North America in a variety of senior finance, strategy, and legal roles. He has been responsible for many strategic acquisitions and disposals for the Group and served as Group Commercial Director before becoming Group Chief Financial Officer in 2021.

Petros Parras joined the business in January 2020. Prior to Compass, Petros worked in FMCG businesses including Procter & Gamble, Reckitt Benckiser and Coty in Europe and North America in senior finance, operational and strategic roles. Petros has been Regional Finance Director for EME for close to four years where he has played a key role in the turnaround of the region, focusing on growth strategies, the operating model and core processes as well as the use of data analytics to drive better commercial outcomes. Petros will join the Board on1 December 2023.

Ian Meakins, Chairman, said:

"Our detailed succession planning has led to the development of an exceptional bench of candidates, and I am pleased to see these two key positions being filled by internal talent.

"Over a career of nearly 40 years, Gary has made an outstanding contribution to Compass Group, and built a remarkable business in North America. Many of the processes and strategic initiatives he's implemented in the region are being adopted elsewhere in the business with great success. In recent years, Gary skilfully navigated the pandemic, building an even stronger foundation from which the business can thrive, and firmly setting it on a path of sustainable growth for the future. The Board wishes Gary and his family every happiness following his retirement."

Dominic Blakemore, Group Chief Executive Officer, said:

"I would like to thank Gary for his exceptional contribution to the business. Gary was Group Chief Operating Officer for North America for 24 years and has been instrumental in making the region the most successful in our portfolio. During his tenure, Gary has led the business to deliver consistently strong financial performance. His track record in North America has been unparalleled, growing our North American business's revenues from just under £2 billion in 1999 to over £17 billion in 2022 whilst increasing profits from £75 million to £1.2 billion over the same period. On a personal note, I feel honoured to have worked with Gary for the past 11 years and wish him a long and enjoyable retirement.

"I am delighted that the Board has appointed Palmer to lead the North American business. I can't think of a better qualified individual to take over the leadership of the region as it continues to grow in the years ahead. I would also like to formally welcome Petros to the Board. Petros has done an excellent job in EME, and I look forward to our close collaboration in the future."

Gary Green, Group Chief Operating Officer, North America:

"My Compass journey started in 1986 when I joined the Group in the UK before moving to the USA in 1994. I am honoured to have led the North American business as its COO over the past two decades and I'm very grateful for the many opportunities and experiences that this role has offered me. I've had the pleasure of working alongside many talented colleagues across the Group, and given the strength of our people and culture, I believe now is the time to hand over the business to the extremely capable team. I am delighted that the Board has appointed Palmer Brown as my successor. Palmer and I have worked closely for over two decades and he is absolutely the best person to drive the business forward."

Enquiries

Notes to Editors

Compass Group PLC is a world leading food service company, which generated annual revenues of £25.8 billion in the year to 30 September 2022. It serves meals to millions of people and employs and engages with over 500,000 people. The Company specialises in providing food and a range of support services across the core sectors of Business & Industry, Healthcare & Senior Living, Education, Sports & Leisure, and Defence, Offshore & Remote, with an established brand portfolio. 

Palmer Brown and Petros Parras' service agreements, remuneration and benefits are consistent with Compass Group PLC's Remuneration Policy as approved by shareholders at the AGM in February 2022.

The Company will disclose details of Gary Green's retirement arrangements on its website in due course in accordance with its statutory obligations.

This announcement is made pursuant to LR 9.6.11 of the Listing Rules. There is no further information to be disclosed under the requirements of LR 9.6.13 (2) to (6) of the Listing Rules in relation to Petros Parras' appointment.