Appointment of CEO

RNS Number : 6066X

ITE Group PLC

09 May 2016

 

9 May 2016

ITE Group plc

("ITE" or the "Group")

Appointment of CEO

ITE Group ("the Group") announces today the appointment of Mark Shashoua as Chief Executive Officer. Mark will succeed Russell Taylor who will stand down from the Board and as the Group's Chief Executive Officer, on 1 September 2016, following thirteen years at the Company. As part of an orderly leadership transition, Russell will work closely with Mark to ensure a smooth handover. 

Since November 2011, Mark Shashoua, has been CEO of i2i Events Ltd ("i2i"), an international high-growth B2B events and trade exhibitions company, part of Ascential Plc. Before joining i2i, Mark was involved in establishing Expofund Ltd, a corporate investment fund and was an Operating Partner with Advent International (2009 - 2011). In 2000 he co-founded and spent nine years at Expomedia Group, which was floated on the Alternative Investment Market in December 2001. Mark was one of the founders of ITE in the early 1990's and was Managing Director from 1995 to 1998 and then Chief Executive Officer upon flotation on the London Stock Exchange.

Russell Taylor joined ITE as Finance Director in 2003 and was appointed Chief Executive Officer in May 2008. During his tenure, the business has enjoyed substantial revenue, profit and EPS growth. Russell has been instrumental in developing ITE's diversification strategy, establishing cornerstone businesses in three of the largest emerging markets of the future - China, India and Africa.

As previously announced, a search is also underway for a Chief Financial Officer. Progress is being made and a further announcement in relation to appointing this position will be made in due course as appropriate.

Marco Sodi, Chairman of ITE said:

"On behalf of the Board and all of our employees I would like to welcome Mark Shashoua to ITE. Mark has been a key figure in the international events industry for over 20 years and inherits a robust platform. The Board conducted a thorough search process and believes he has the necessary qualities to take ITE to the next phase of its development."

"I would like to thank Russell for his tremendous contribution to ITE over the years both as Chief Executive Officer and Chief Financial Officer. He has played an important role in the successful implementation of ITE's strategy during his tenure and his vision and determination has actively taken the Company into new markets where there is clear opportunity for future growth. We wish him all the best in his future endeavors."

Russell Taylor, Chief Executive Officer, added:

"I feel fortunate to have been part of the growth of ITE over the last thirteen years. As a Board, we have been discussing succession plans for some time and I am pleased that today we have announced the first step in building a new management team for the future. I know Mark well and have every confidence that he will be a successful leader for ITE."

On his appointment, Mark Shashoua said:

"I'm delighted to be joining ITE. During Russell's tenure he has developed the business from its original Eastern European roots and expanded it into multiple markets. The business enjoys many market leading events in the geographies it serves and I look forward to actively developing the business moving forward."

The following information is disclosed pursuant to Listing Rule 9.6.13 R:

Mark was a director of Expomedia Group plc, its subsidiaries (HB 2009 Limited, PI Portal Limited, ATS Events Limited, Mash Events Limited, IEC Africa UK Limited, Expomedia Events Limited, Mash Media Group Limited), and Informedia Group Limited, which went into administration in 2009, and then underwent a creditors' voluntary liquidation in 2010 during his tenure as a director.

There are no further disclosures to be made under the UK Listing Rule 9.6.13.

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Enquiries

ITE Group plc Russell Taylor, Chief Executive Officer Des McEwan, Interim Group Finance Director	020 7596 5000
FTI Consulting
Charles Palmer  / Emma Appleton / Antonia Gray	020 3727 1000

 

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