Last checked at 29 Nov 2016 07:00
29 November 2016
On the Beach Group plc
("On the Beach" or the "Group")
Directorate Change
Retirement of Chief Financial Officer and announcement of successor
The Board of On the Beach Group plc (LSE: OTB.L), the UK's leading online retailer for beach holidays, announces that on 16 January 2017, Wendy Parry will retire as Chief Financial Officer and will be succeeded by Paul Meehan, currently Director at Gala Coral Interactive (Gibraltar) Ltd. (now part of the newly merged Ladbrokes Coral Group plc).
A full transition and induction plan is in place and Wendy has agreed to be available for as long as required to ensure a smooth and orderly handover. Wendy's retirement and Paul's appointment are the result of a carefully planned and thorough succession planning and recruitment exercise, overseen by the Nomination Committee in anticipation of Wendy's retirement plans.
Paul joined Gala Interactive as Finance Director in April 2012, as part of a new management team, re-launching an online gaming business in Gibraltar. The business successfully launched three new online gaming sites, taking the largest brand to be UK market leader. In November 2014, Gala Coral's two businesses in Gibraltar (Gala Interactive and Coral Interactive) were integrated. Paul became Finance Director of the combined business which continued to deliver market leading growth.
More recently, Paul was Director responsible for the Interactive planning and integration aspects of the merger between Gala Coral Group Limited and Ladbrokes plc which was announced in June 2015 and completed in November 2016. Paul previously held CFO/FD positions in a number of businesses in the UK, including online, gaming and technology businesses, a number of which were private equity backed.
Wendy joined On the Beach in April 2010 and has led the finance function since then. Wendy and her team worked to deliver the Group's successful IPO in September 2015 and she has been an integral part of the Group's development from a private to public company.
The Group will announce its audited Preliminary Results on 6 December 2016.
Simon Cooper, Chief Executive of On the Beach Group plc, commented:
"I am delighted that Paul has agreed to join On the Beach as Chief Financial Officer. He is an excellent cultural fit for the business and his skills, knowledge and experience will be invaluable as the Group continues on its strong growth trajectory in both the UK and internationally.
"I would also like to take this opportunity to thank Wendy for all of her hard work and support since she joined On the Beach in 2010. Wendy has been incredibly important to the Group's success, not least helping to deliver our successful IPO in September 2015. I wish Wendy all the best for her retirement."
For further information:
On the Beach Group plc Simon Cooper, Chief Executive Officer Wendy Parry, Chief Financial Officer
| c/o FTI Consulting |
FTI Consulting Jonathon Brill Alex Beagley Fiona Walker | Tel: +44 (0)20 3727 1000 |
About On the Beach
On the Beach is one of the UK's largest online retailers of beach holidays with a 20% share of the online short haul beach holiday market. The Group has a large opportunity to generate further growth and has a vision to become Europe's leading online retailer of beach holidays. On the Beach provides a significant structural challenge to legacy tour operators and travel agents as the Group continues its journey to disrupt the online retail of beach holidays with its scalable, flexible, innovative technology, combined with a strong customer value proposition and a low cost base. The business model is customer-centric, asset light, profitable and cash generative.
www.onthebeachgroupplc.com