Mccoll's Regulatory News (MCLS)

26 November 2015

McColl's announces Board changes

The Board of McColl's Retail Group plc announces that, as stated at the time of the IPO, James Lancaster is intending to step down from his position as Chief Executive. A search will now commence to find a successor, with James remaining in the role until a replacement is identified.

Given his extensive experience in the sector, and following consultation with key shareholders, the Board has asked James to take over as Non-Executive Chairman and he has agreed to carry out this role until the AGM in April 2017. On appointment James will move to a remuneration package that is appropriate for this position.

Sharon Brown, currently Interim Chairman, will remain in this position until James takes up his new role. The Board will also seek to appoint a further Independent Non-Executive Director to support the growth of the business and in line with best practice.

Commenting on the decision, James Lancaster said:

"I have enjoyed my time as Chief Executive of McColl's and I am very proud of our many achievements. We have transformed the group into a true convenience business with a strong market position, having grown our convenience store base from nothing to 887 stores. I have led the business through two MBOs, numerous acquisitions and in 2014 a successful IPO, since when we have accelerated our convenience development strategy and made tremendous progress on introducing food to go. With our goal of 1000 convenience stores now well in sight, I believe the time is right for me to step down as Chief Executive. I am delighted to take on the role of Non-Executive Chairman and I look forward to working with the new CEO in due course, and to developing other business opportunities."

Sharon Brown, Interim Chairman said:

"The appointment of a new CEO and James as Non-Executive Chairman will deliver an orderly succession. James has been instrumental in the growth of McColls so far and I have no doubt that given his knowledge of the food retailing sector and the business, he will continue to make a valuable contribution."

There is no further information to be disclosed in accordance with Listing Rule 9.6.

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