23 Jun 2017 10:45
Prior to publication, certain information contained within this announcement was deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR). Upon publication of this announcement, this information is now considered to be in the public domain.
23 June 2017
reach4entertainment enterprises plc
('r4e', 'the Company' or 'the Group')
Directorate change
r4e, the transatlantic media and entertainment marketing company, announces that David Stoller, the Company's Executive Chairman, has today informed the board of the Company (the "Board") of his decision to retire as a director and Executive Chairman of the Company with effect from 30 September 2017.
Mr Stoller will remain as the Company's Executive Chairman and will continue to fulfil his executive role until 30 September 2017. During this period, the Board will be working to appoint a Group Chief Executive and discussions with a potential candidate to fulfil the role have commenced. Further updates will be made in due course.
Following Mr Stoller ceasing to be a director and Executive Chairman of the Company, he will continue to assist the Company and will become Non-Executive Chairman of Spotco Inc, the Company's New York based agency.
In accordance with good corporate governance practice, it has been the Board's intention for some time to separate the roles of Chairman and Chief Executive and following Mr Stoller ceasing to be a director the Company will also seek to appoint a new Non-Executive Chairman.
Marcus Yeoman, Senior Independent Director of the Company, commented:
"The Board would like to thank David for all his work at r4e over the last 7 years. David was the driving force behind the restructuring of the Company's balance sheet over several years, the recruitment of the key leadership team at each of the Company's main agencies, including Germany, and the vision and direction of the Company. He leaves the Company in a much better condition than when he took over and I am delighted that he will continue to be involved in the Company as Non-Executive Chairman of Spotco.
"We are in early discussions with a potential new Group Chief Executive and the Board look forward to announcing an appointment shortly".
Enquiries:
reach4entertainment enterprises plc | |
David Stoller, Executive Chairman | +44 (0) 20 7968 1655 |
Allenby Capital (Nominated Adviser and Broker) | +44 (0) 20 3328 5656 |
Jeremy Porter/James Reeve (Corporate Finance) | |
Katrina Perez/Kelly Gardiner | |
Novella Communications (Financial PR) | +44 (0) 20 3151 7008 |
Tim Robertson Toby Andrews |