ITE Group PLC
12 January 2001
For immediate release 12 January 2001
ITE GROUP PLC
Chairman and Chief Executive Roles to be Separated at ITE Group Plc
Since May 2000 Mr. Lawrie Lewis has been both Chairman and Chief Executive
Officer of ITE Group Plc. Although the process of recruiting a new Chief
Executive Officer is continuing, the Board now believes that the right
candidate may not be appointed until some months hence.
To ensure that the opportunities and challenges facing the Company are all
addressed effectively, Mr. Lewis has decided that he needs more support in the
near term. Mr. Nigel Stapleton -who has been a Non-Executive Director of the
Company since November 2000 - has accepted the Board's invitation to assume
the role of Chief Executive Officer at ITE effective 22 January 2001.
Mr. Stapleton is Chairman of Veronis, Suhler International Limited, the
European subsidiary of the New York based Media Merchant Bank, Veronis, Suhler
& Associates Inc. He has experience of the Exhibition organising industry from
his previous roles as Chief Financial Officer and latterly Co-Chairman at Reed
Elsevier plc. His close involvement with the ITE Group Plc pre-dates the
announcement in October 2000 that the Veronis, Suhler Private Equity Fund
would acquire a 17% equity stake in the Company.
Mr. Stapleton will continue in his role with Veronis, Suhler International
Limited but will give a very substantial time commitment to performance of the
Chief Executive role at ITE.
The 2000 Annual Report will be mailed to Shareholders on 19 January 2001.
This Report confirms the comments on trading outlook that were published as
part of the Preliminary Statement issued on 11 December 2000 and updates the
Report on current trading. As at 4 January 2001, current orders already
booked for 2000/1 are £30 million (1999/00: £22.3 million) and over £18.3
million (1999/00: £14.4 million) of these sales have been collected.
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