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On the Beach Group (OTB)

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Tuesday 30 June, 2020

On the Beach Group

Directorate Change - Chief Financial Officer

RNS Number : 4368R
On the Beach Group PLC
30 June 2020
 

30 June 2020

 

On the Beach Group plc

("On the Beach", "OTB" or the "Group")

 

Directorate Change - Chief Financial Officer

 

On the Beach Group plc (LSE: OTB.L) announces that the Group's Chief Financial Officer, Paul Meehan, has tendered his resignation to the Board in order to pursue other business interests. Since joining the Group in January 2017, Paul has made a significant contribution to the Group's success and growth, including two acquisitions and the recent £67m share placing and £25m CLBILS facility . He has developed and implemented a strong people strategy and a solid succession plan. Paul therefore informed the Board that he felt that he was leaving OTB in the best possible shape to continue on its growth journey. To ensure a smooth transition, he will step down as CFO and from the Board on 17 July 2020 and will be available when and if appropriate during the upcoming months.

 

Subsequently, On the Beach announces that Shaun Morton, the Group's Director of Finance, will be promoted to Chief Financial Officer and will join the Board as a Director on 17 July 2020. Shaun joined the Group in his current role in February 2018 and has worked alongside Paul throughout his tenure. Shaun was heavily involved in dealing with the failure   of Thomas Cook, the acquisition of Classic Collection and the delivery of the Group's recent share placing and CLBILS facility. The Group has rigorous succession plans in place, and Shaun was identified as a natural successor to Paul and as such, Paul has invested in developing and preparing Shaun to take on the role of CFO. Prior to joining On the Beach, Shaun occupied senior finance roles at Deloitte, Asda and most recently Ghd Hair, the consumer hair products business, where he was the Director of Finance for the Group. Shaun is a qualified Chartered Accountant and trained with Deloitte LLP.

 

Simon Cooper, Chief Executive of On the Beach Group plc, said:

"I would like to take this opportunity, on behalf of the Board, to thank Paul for his three and a half years with On the Beach, during which time we have successfully completed two acquisitions and, most recently, a £67m placing of new shares. I wish him all the best with his future endeavours.

 

"I would also like to congratulate Shaun to his new CFO role. Shaun has a built a strong understanding of the online travel industry since joining the Group and I look forward to working with him as we deliver on the Group's strategy to become Europe's leading online retailer of beach holidays."

 

Paul Meehan commented:

"I have very much enjoyed my time with On the Beach and feel that now is the right time to concentrate on and pursue other business interests. I have worked closely with Shaun since he joined the Group and I believe he is well-placed to take over the CFO role and deliver on the next phase of OTB's growth. I wish Simon and the team every success in the future."

 

There are no further disclosures required under LR.9.6.13 in relation to the appointment of Shaun Morton.

 

For further information:

 

On the Beach Group plc:

Simon Cooper, Chief Executive Officer

 

via FTI Consulting



FTI Consulting:

+44 (0)20 3727 1000

Alex Beagley

Fiona Walker

Sam Macpherson


 

 

About On the Beach

With over 20% share of online sales in the short haul beach holiday market, we are one of the UK's largest online beach holiday retailers. We have significant opportunities for growth and a long-term mission to become Europe's leading online retailer of beach holidays. By using our innovative technology, low-cost base and strong customer-value proposition to provide a structural challenge to legacy tour operators, we continue our journey to disrupt the online retail of beach holidays. Our model is customer-centric, asset light, profitable and cash generative.

 

www.onthebeachgroupplc.com

 

 


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