Howdens CFO Succession

RNS Number : 2665C

Howden Joinery Group PLC

16 October 2020

 

16 October 2020   

Howden Joinery Group Plc

("Howdens")

CFO SUCCESSION

Howden Joinery Group Plc today announces that Mark Robson will be moving on from his role as Deputy Chief Executive and Chief Financial Officer (DCEO & CFO) on 26^th December 2020, in order to take on a new challenge outside of the Group. He will be succeeded as Chief Financial Officer (CFO) by Paul Hayes, previously CFO of Consort Medical Plc. Paul will join Howdens on 2^nd November 2020 and will become an executive director and member of Howdens' Board on 27^th December 2020. Having ensured smooth transition through the CEO succession from Matthew Ingle to Andrew Livingston, the Board has reviewed the Group's executive structure and concluded it will revert to a standard structure with CEO and CFO on the Board.

Mark Robson joined the Group Board as CFO in April 2005 and was appointed Deputy CEO in May 2014 in addition to his role as CFO. In his early years as CFO he was integral in the restructuring and refinancing of the Group, strengthening its balance sheet whilst ensuring that there was sufficient capital for the Howdens business to grow. During his tenure, the number of Howdens depots has grown from 342 to 759, with turnover increasing from £618m to £1.6bn. During the same period the Group share price has increased from £0.80 to £6.73¹.

Paul Hayes was CFO of Consort Medical Plc, the developer and manufacturer of drugs and premium drug delivery devices, from 2017 until its acquisition by Recipharm AB in February 2020. He has extensive experience in senior finance roles at a number of UK and US listed companies including Vitec Group Plc, Signet Jewelers, RHM Plc and Smiths Group Plc. He is a chartered accountant and qualified with Ernst & Young.
 

Richard Pennycook, Chairman of Howdens, commented: "Mark has played a pivotal role, over many years, in building Howdens into the strong, sizeable and successful business it is today.  His careful, thoughtful and prudent management of the company's finances has been a key element of our ability to weather the storm of the Covid-19 pandemic. The Board gives heartfelt thanks for his service and he should be proud of his many achievements. On behalf of the Board, I welcome Paul to the Group."

Andrew Livingston, CEO said: "Mark has made a very significant contribution to the success of Howdens over the last 15 years and I am especially grateful for his advice, guidance and support since I first joined the business in 2018.  I have enjoyed working with him enormously and, together with the whole team at Howdens, wish him the very best for the future.

"Paul Hayes comes to the business with a first class record of achievement in consumer and vertically integrated businesses and will, I'm sure, be a great fit with Howdens.  I very much look forward to working with him."

Paul Hayes will be paid in line with Howden's remuneration policy as approved by shareholders in May 2019. He has no other listed company appointments and has not been a director of any listed company in the previous five years, which would need to be disclosed under LR 9.6.13(1) other than those disclosed above.

There is no further information required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in respect of Paul Hayes.

This announcement is made in accordance with Listing Rules 9.6.11R and 9.6.13 R.

 
¹Depot, turnover and share price figures are as at 31 December 2005 and 31 December 2019.

 Enquiries

 Investors/analysts:

 Guy Stainer

 Head of Investor Relations + 44 (0) 20 7535 1164/[phone]

 Media:

 Citigate

 Simon Rigby/Nick Hayns + 44 (0) 20 3926 8503

 

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