27 Jun 2018 07:00
This announcement contains inside information
St Ives PLC
("St Ives" or "the Group")
Management succession
Matt Armitage has informed the Board of his intention to retire as CEO of St Ives at the end of the current financial year. He will be succeeded by J Schwan, who has been with the Group for three years, serving previously as the CEO of Solstice, the Group's largest strategic marketing business, and more recently as the Group's first Chief Digital Officer.
The Board proposes to appoint J to the CEO role effective from 4 August 2018. Matt will continue in his current position until this date and will remain with the Group as a special adviser for twelve months thereafter to assist with the transition.
Matt joined St Ives as CFO in September 2007 before being appointed CEO in August 2014, and has been integral in the transformation of the Group over his 11 years on the Board. Under Matt's leadership, St Ives recently announced the disposal of its last remaining print business; a significant milestone in an eight year journey to transform the Group from a business focused entirely on print, to one focused exclusively on next generation strategic business services.
J began his career in Accenture's emerging technologies lab and, after leaving Accenture, went on to found Solstice, a 400+ person, digital innovation firm with offices in Chicago, New York and Buenos Aires. Over the years Solstice has received many awards for its growth, innovation and for being nationally recognized as a "best place to work". J is in the Chicago Entrepreneurship Hall of Fame, is an EY Entrepreneur of the Year Finalist, was recently named in Crain's Tech 50 and is a University of Illinois College of Engineering Young Alumnus of the Year.
Following the acquisition of Solstice by St Ives and the successful completion of an earn-out, J has 7,432,768 St Ives shares (either directly or through family holdings) which represents 5.03% of the shares in issue.
Richard Stillwell, Chairman, commented:
"Matt has been the architect of the transformation of St Ives. He has successfully steered the Group through a period of unparalleled change. The Group owes him a significant debt of gratitude for his steadfastness and focus during what was sometimes a challenging journey. Thanks to him, the Group is now poised for a period of exciting growth in sectors that are characterised by innovation, technology and customer experience.
The Board is delighted to be able to appoint J as Matt's successor. He has unparalleled experience in delivering digitally based transformation services in a high growth environment. Since January 2018 he has been the Group's Chief Digital Officer and he has already made a considerable impact. We are confident in his ability to develop and implement a strategy for St Ives to become a world leading, digital business transformation Group."
Matt Armitage, commented:
"Phase one of St Ives' transformation is now complete and a new, exciting chapter is about to begin. I'm honoured to have played a role in defining and creating an entirely new Group and I'm delighted to be handing over the reins to J. I wish him and the Group every success for the future, while I'd also like to thank my colleagues at St Ives for their hard work, dedication and support over the years."
J Schwan, commented:
"I am incredibly privileged to lead the next chapter of the Group's transformation and growth; a journey which Matt started over eight years ago. Matt has been a great mentor to me over the past three years, and I look forward to building on his vision. I am excited to continue serving the St Ives team and the leadership of our fantastic businesses as we work to become a global leader in digital business transformation services."
There is no information that is required to be disclosed under LR 9.6.13.
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For further information please contact:
St Ives plc 020 7928 8844
Richard Stillwell
MHP Communications 020 3128 8788
Tim Rowntree / Giles Robinson / Luke Briggs