RWS Holdings Regulatory News (RWS)

8 June 2021

RWS Holdings plc

Board Changes

RWS Holdings plc ("RWS", "the Group"), the world's leading provider of technology-enabled language, content management and intellectual property services, announces today that after nearly nine years with the Group, Richard Thompson, CEO, will step down from his current role, and position on the Board, so as to pursue other interests.

Following an extensive external succession process, which identified a number of high calibre candidates with the necessary blend of skills and expertise to lead an ambitious, international group, the Board is pleased to announce that Ian El-Mokadem will become the Group's CEO, after commencing employment on 19 July 2021.

Richard has made an enormous contribution to the Group, initially as CFO from 2012, before becoming CEO in 2017. During that period, the Group's revenues have grown ten-fold through organic growth, complemented by carefully selected acquisitions. Most recently, Richard successfully executed the merger with SDL which firmly positions the Group as the world's leading provider of language services and technology.

The initial phase of SDL's integration is now largely complete, with the planned milestones met and further cost savings identified. Strong leadership teams have also been established across all of the Group's reorganised divisions, with clear plans in place to take forward the various strategies for growth. 

In light of this, the Board agreed to accept Richard's resignation and Richard will remain in the role until 25 July 2021, allowing for a smooth handover of responsibilities.

Ian brings over 20 years of experience in senior management roles in large and international services businesses, most recently as CEO of V.Group, the world's leading ship management and marine support services business, where he oversaw a significant transformation programme, including the delivery of new digitally-enabled approaches to crewing and vessel management, international development, cultural change and acquisitions. He was previously CEO of Exova Group, the global materials testing and calibration services provider, which he steered through its IPO in 2014, grew revenues and profitability substantially, both organically and through 18 acquisitions, before executing its sale to Element Materials Technology in 2017. Prior to Exova, he was Managing Director, UK & Ireland, at Compass Group, the FTSE 50 world leading provider of catering, hospitality and support services. In this role, he drove the turnaround of a division with revenues of c.£1.8 billion which, as the Group's second largest business was critical to its success and oversaw c.65,000 people across c.7,000 outlets. Earlier in his career he started out in consulting with Accenture, before joining Centrica and working his way up through a number of positions culminating in the role of Managing Director of Onetel. Ian is also currently a Non-Executive Director of Serco Group.

The Group continues to make good progress in 2021, in line with the commentary provided on trading and the SDL integration in the update provided on 22 April 2021. We will provide a further update with our half year results on 8 June 2021.

Andrew Brode, Executive Chairman, commented:

"Richard has provided strong leadership to the Group over the last nine years, initially as CFO before becoming CEO in 2017, during which time the Group has significantly expanded from a primarily IP Services business to be the world's leading provider of language services and technology.

"He has built a world-class leadership team around him and has laid strong foundations for the Group to realise the benefits of the broader product portfolio and geographical reach brought by the acquisition of SDL. Whilst we will be sorry to see him go, we respect the decision he has made and wish him the very best for the future." 

"We are pleased to have appointed Ian who brings significant experience of growing substantial, people and services businesses globally, both organically and through acquisitions. We are confident that he has the right combination of skills and expertise to lead our ambitious Group."

Richard Thompson, CEO, commented:

"It has been a privilege to lead the Group and I am extremely proud of the significant progress we have made during the last nine years. Having completed the most important phase of the SDL integration, I am confident the Group is in great shape to continue driving profitable growth, drawing on the benefits of the SDL acquisition, a clear vision, a strong team and leading positions across its markets."

Ian El-Mokadem, CEO designate, commented:

"I am delighted to be joining RWS at such an exciting time for the business. The Group has clear leadership in its specialised, growing and fragmented markets. I look forward to leading the team to continue to build on the Group's successful track record and realise the clear benefits of the recent acquisition of SDL."

Other than the previous directorships listed below, there is no further information required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules for Companies, in relation to Ian El-Mokadem 's appointment to the board.

Ian holds or has held directorships in the five years preceding his appointment at the Company as follows:

Current

SERCO GROUP PLC

ROEGATE CONSULTING LIMITED

Last 5 years

EXOVA TOPCO LIMITED

AI MISTRAL TOPCO LIMITED

VOUVRAY ACQUISITION LIMITED

EXOVA GROUP (UK) LIMITED

EXOVA TREASURY LIMITED

EXOVA GROUP LIMITED

EXOVA 2014 LIMITED

ELEMENT SAUDI ARABIA COMPANY LIMITED

ELEMENT MATERIALS TECHNOLOGY ME LIMITED

ENDS

For further information, please contact:

RWS Holdings plc

Andrew Brode, Chairman

01753 480796

MHP (Financial PR advisor)

Katie Hunt / Simon Hockridge

rws@mhpc.com

0203 128 8100

Numis (Nomad & Joint Broker)

Stuart Skinner / Kevin Cruickshank / Will Baunton

0207 260 1000

Berenberg (Joint Broker)

Ben Wright / Toby Flaux / Alix Mecklenburg-Solodkoff

0203 207 7800