Bob Holt has decided to step down from his position as Chairman and Chief Executive of the Sureserve Group and leaves the Company's board today ahead of the Annual General Meeting.
For an interim period, Robert Legget, Senior Independent Director, will be appointed Chairman of the Company and Peter Smith, Chief Financial Officer, will be appointed as Interim Chief Operating Officer while the Board begins the formal process to appoint a new independent Non-Executive Chairman and a new Chief Executive. The Group will provide an update on this process as and when appropriate.
Robert Legget, Senior Independent Director, commented:
"Bob is leaving Sureserve having successfully completed its turnaround, delivering a very strong financial performance and overseeing a 125% recovery in Sureserve's share price since he was recruited in July 2016. At the time of him joining the Group, Sureserve had bank debt of £47 million and the share price had seriously underperformed, trading as low as 25p, significantly under the Group's listing price of 89p in March 2015.
"Since then, Bob has returned the Company to sustained profitability and made some strategic disposals, resulting in a highly successful and well-focused Group in attractive market segments underpinned by regulatory drivers. Sureserve is now debt-free with a re-instated dividend, posting EBITA of £10.4m in the latest financial year and the Group now has firm foundations from which to deliver its growth plans.
"Sureserve is very much a people business and Bob has been a strong promoter and deliverer of the Company's apprenticeships, training and management development schemes within (and outside) the Sureserve Academy. He was a founder and champion of the Women in Business Group and the Equality and Diversity Working Party, as well as establishing the Sureserve Foundation. He will leave behind an energetic and stable team of first-class executives.
"On behalf of all stakeholders, we thank Bob for his tremendous contribution to Sureserve and his success in transforming the business. He leaves us with our best wishes, having made an indelible and positive mark on Sureserve and having deservedly enhanced his reputation as a successful business leader.
"Sureserve is now ready to develop and execute its growth strategy, which will be a very exciting time for all of us."
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