Last checked at 28 Mar 2023 07:01
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
28 March 2023
Team17 Group plc
("Team17", the "Group" or the "Company")
Director Update
Team17 Group plc, a global games label, creative partner, developer, and publisher of independent ("indie") premium video games, educational entertainment apps for children and working simulation games, today announces that Debbie Bestwick MBE has indicated her intention to step down from her position as Chief Executive Officer of the Company once a suitable successor can be found.
A search for a suitable successor has been initiated and this will consider both external and internal candidates. Debbie will play a key part in finding the right person to replace her and will ensure that an orderly business handover takes place once that key person has been identified.
Debbie will remain with the business as Chief Executive Officer whilst the search for her successor is in progress. Her incredible passion and drive for Team17 remains undiminished and it is that passion and drive that will also be focussed on finding the right successor working closely with the board. Debbie will remain equally focussed on maintaining a "business-as-normal" mentality across the Group, with the senior team committed to delivering the Group's strategic ambitions.
Over the last eighteen months, a highly experienced and effective divisional senior leadership team has been established, that work closely together with the Executive team and are closely aligned to the Group's core values. This team now runs the day-to-day divisions within the Group and boasts extensive and unequalled gaming industry knowledge and operational experience.
Following a new CEO appointment, the intention is for Debbie to transition into a Non-Executive role, remaining on the Board to provide ongoing mentorship, support and guidance to the Board and the senior management team, ensuring the Group continues to benefit from her wealth of business and gaming sector experience.
Debbie Bestwick MBE, Chief Executive Officer of Team17, commented:
"This has probably been the hardest decision I've made, but I wouldn't have made it if I wasn't confident in the succession plans and the leadership team's ability to deliver the clear and focused strategy regarding our collective goals and ambitions. Ultimately, I want to spend more time with my children who have made sacrifices many times during my career and specifically to spend more time with my youngest before he goes to university.
"With Team17 now unrecognisable compared to those early days, and with our fantastic senior team working seamlessly across the business and our growth strategy firmly in place, now is the time to focus on the next generation.
"The future looks extremely bright for the Group, and I look forward to continuing to support the business to find my successor and then in a new capacity as a Non-Executive Director when that time arrives."
Chris Bell, Non-Executive Chair of Team17, commented:
"I would like to personally thank Debbie for her absolute devotion to Team17 and know that without her almost limitless enthusiasm for the business, we simply would not be where we are today. We all collectively wish her the very best in all her future endeavours and look forward to continuing to benefit from her unrivalled knowledge when she joins the Board as a Non-Executive Director.
"We the Board and Debbie are actively engaged in a search process to find a new Chief Executive Officer and will update our shareholders at the appropriate time. Knowing Debbie so well it will be "business-as-normal" and she will be 100%+ focused on her CEO duties right through".
Enquiries:
Team17 Group plc Debbie Bestwick MBE, Chief Executive Officer Mark Crawford, Chief Financial Officer
| via Vigo Consulting
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Houlihan Lokey (Nominated Adviser) Adrian Reed / Tim Richardson
| +44 (0)161 250 3577 |
Berenberg (Broker) Chris Bowman / Toby Flaux / Marie Moy / Alix Mecklenburg-Solodkoff
| +44 (0)20 3207 7800 |
Vigo Consulting (Financial Public Relations) Jeremy Garcia / Fiona Hetherington / Kate Kilgallen team17@vigoconsulting.com
| +44 (0)20 7390 0233 |
About Team17
Team17 Group plc is a global provider of games entertainment to a broad audience. The Group now includes a games entertainment label and creative partner for indie developers, a leading developer of educational apps, targeting children under the age of eight and a leading working simulation games developer and publisher.
Visit www.team17groupplc.com/ for more info.