Last checked at 3 Jul 2018 07:00
3 July 2018
On The Beach Group plc
("On The Beach", "the Group" or "the Company")
Board Appointment and additional changes
On the Beach, one of the UK's leading online retailers of beach holidays, is pleased to announce the appointment of Elaine O'Donnell as a Non-Executive Director, with immediate effect. Elaine is currently a Non-Executive Director at Findel Plc (where, with effect from 26 July 2018, she will be appointed as Chair of Audit Committee), Games Workshop Group Plc (where she is Chair of Remuneration and Nomination Committee) and MSIF (where she is also Chair of the Board of the wholly owned subsidiary Alliance Fund Managers (AFM)). Prior to that Elaine was a Partner at Ernst & Young LLP where she specialised in Corporate Finance, Mergers and Acquisitions. Elaine is a Chartered Accountant and holds a B.A. (Joint Hons) in Accountancy and Law.
Further to the announcement made on 10 May 2018, On the Beach also announces the following additional board and committee changes that will take effect from 3 September 2018:
· Richard Segal will cease to act as Non-Executive Chair of the Board and Chair of the Nomination Committee;
· Lee Ginsberg, who has held the role of Senior Independent Director since 2015, will succeed Richard Segal as Chair of the Board and Chair of the Nomination Committee; and
· David Kelly, a Non-Executive Director since 2015, will succeed Lee Ginsberg as Senior Independent Director and Elaine O'Donnell will succeed Lee Ginsberg as Chair of the Audit Committee.
To ensure a seamless and orderly handover, Richard Segal will continue as a Non-Executive Director until 28 September 2018 when he will resign from the Board and all relevant committees.
Simon Cooper, Chief Executive Officer, commented:
"I am delighted to welcome Elaine O'Donnell to the Board of On the Beach. Her wealth of experience across a range of businesses and M&A expertise will be of enormous benefit to the Group as we execute on our strategic objectives and continue to grow the business.
"I would also like to take this opportunity to thank Richard Segal for his valuable contribution to On the Beach during his five year tenure, during which time the Group has undergone significant growth and development as both a private and listed business. The Board expresses its deep gratitude for his outstanding guidance and contribution during that time and wishes him well in the future."
Other than as set out above, the Company confirms that there are no additional details that are required to be disclosed under LR 9.6.13R of the Listing Rules of the Financial Conduct Authority in relation to Elaine O'Donnell, Richard Segal, David Kelly and Lee Ginsberg.
For further information:
On the Beach Group plc Simon Cooper, Chief Executive Officer Paul Meehan, Chief Financial Officer
| c/o FTI Consulting |
FTI Consulting Jonathon Brill Alex Beagley Fiona Walker Charlotte Cobb
| Tel: +44 (0)20 3727 1000 |
About On the Beach
With over 20% share of online sales in the short haul beach holiday market, we are one of the UK's largest online beach holiday retailers. We have significant opportunities for growth and a long-term mission to become Europe's leading online retailer of beach holidays. By using our innovative technology, low-cost base and strong customer-value proposition to provide a structural challenge to legacy tour operators and travel agents, we continue our journey to disrupt the online retail of beach holidays. Our model is customer-centric, asset light, profitable and cash generative.
www.onthebeachgroupplc.com