Last checked at 11 Sep 2017 10:01
Hornby plc
("Hornby" or the "Group")
11th September 2017
Directorate change
Hornby Plc, the international models and collectibles group, today announces that following the increase in Phoenix UK Fund's stake in the business the Group's strategy is under review. As a result, it has been mutually agreed that Steve Cooke will step down as CEO at a date to be agreed. Steve will remain as CEO for a transitional period and an announcement will be made concerning a new CEO in due course. Steve joined the business as CFO in June 2015 and stepped up to the CEO role in April 2016.
David Adams, Interim Chairman, commented.
"The position of Phoenix as Hornby's majority shareholder represents a new chapter in the development of the Group and the Board is working closely with Phoenix to set the direction of the business going forward. The Board would like to thank Steve Cooke for his huge contribution to the Group, in particular his leadership of the first stage of the turnaround that was announced to the market last year. We are delighted that Steve has agreed to remain in the post and effect an orderly transition to the appointment of the new CEO."
Enquiries:
Hornby plc 01843 233500
David Adams, Interim Chairman
David Mulligan, CFO
Liberum 020 3100 2222
Neil Elliot
Neil Patel
Capital Access Group 020 3763 3400
Scott Fulton