23 Sep 2020 07:01
23 September 2020
Hyve Group plc
("Hyve" or the "Group")
Board Change
Hyve Group plc announces that Andrew Beach, Chief Financial Officer (CFO), has decided to step down from the Board and will leave the Group on 30 September 2020. Andy will remain available over the next few months to ensure a smooth and orderly handover to his internal successor, John Gulliver, currently Group Chief Operating Officer (COO).
In light of the further targeted cost savings outlined in a separate announcement today, the Board is taking this opportunity to restructure the senior finance team and promote from within the business. John will be appointed to the Board and to the newly-formed combined role of CFO and COO, effective from 1 October 2020.
In addition, as part of the restructure, James Warsop, the current Group Financial Controller, will be promoted to Group Finance Director.
The new structure will provide a focussed management team that closely aligns the strategic, operational and financial aims of the business.
John has been the COO since October 2017, overseeing the roll-out of best practice as part of the TAG programme. He has previously held senior financial positions in the media sector, including Interim CFO at Emap/Top Right Group and also Divisional CFO at Ascential, and CFO of i2i Events Group from June 2012 to June 2017, where he worked alongside Mark Shashoua, CEO. Prior to that, John was Finance Director at Precise Media from 2008 to 2010.
Mark Shashoua, CEO of Hyve Group plc said:
"On behalf of the Board and employees of Hyve, I would like to thank Andy for his dedication and contribution to the Group. I am hugely grateful of the support he has provided to the Group and to me personally over the past four years in which we have achieved a great deal.
Andy was instrumental in leading Hyve through our Transformation and Growth programme which saw us undertake significant changes to our business model, instilling globally standardised ways of working and fundamentally changing the business to focus on market-leading events across the globe. Andy is a safe pair of hands and played a key role in the successful rights issue and bank negotiations to put us in a strong position to weather the COVID-19 crisis. He will be an asset to any future role and we wish him every success in the future."
Andrew Beach, CFO of Hyve Group plc said:
"Hyve has been on a significant journey over the past four years, transforming from a legacy emerging markets business into a focussed global brand delivering market-leading events wherever they are in the world. It has been a challenge I have relished and am proud of, and I have hugely enjoyed working alongside the fantastic people at Hyve. We have accomplished a great deal and with a successful capital raise combined with ongoing cost savings and insurance proceeds I leave the business in a strong financial position."
John Gulliver has confirmed that, save as set out in this announcement, there are no further disclosures to be made under Listing Rule 9.6.13.
For further information please contact:
Hyve Group plc Mark Shashoua
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+44 (0)20 3545 9000
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FTI Consulting Charles Palmer / Emma Hall / Chris Birt / Jamille Smith
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+44 (0)20 3727 1000
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About Hyve Group plc
Hyve Group plc is a next-generation global events business whose purpose is to create unmissable events, where customers from all corners of the globe share extraordinary moments and shape industry innovation. Hyve Group plc was announced as the new brand name of ITE Group plc in September 2019, following its significant transformation under the Transformation and Growth (TAG) programme. Our vision is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers.
Where business is personal, where meetings move markets and where today's leaders inspire tomorrow's.