CFO Appointment and CEO Succession Plan Update
31 March 2023
On the Beach Group plc
("On the Beach" or the "Group")
CFO Appointment and CEO Succession Plan update
On the Beach Group plc (LSE: OTB.L) is pleased to announce the appointment of Jon Wormald as Group Chief Financial Officer ("CFO"). Jon will join On the Beach and the Board on 30 June 2023, at which point the Group's previously announced CEO Succession Plan will be enacted. On the same date, Shaun Morton, the Group's current CFO, will replace Simon Cooper as Chief Executive Officer ("CEO") and Simon will transition to his new role of Founder Director NED.
Jon joins On the Beach from THG PLC, a global e-commerce technology group and brand owner, where he is currently CFO of THG Nutrition, the world's largest online sports nutrition brand. At THG Nutrition, Jon has been responsible for the financial performance of the division alongside responsibility for the vertically integrated manufacturing businesses. Jon joined THG in 2021 as Deputy Group Chief Financial Officer to deliver the successful reorganisation of the Group, designed to maximise strategic optionality, which was completed ahead of market expectations. Prior to THG, Jon spent 11 years at the Co-operative Group Limited, holding a number of senior roles including Director of M&A, Programme Director and leading the Group's Finance department.
The Nomination Committee is progressing a search for an additional independent Non-Executive Director to complement the existing balance of skills and experience on the Board. Once this position is filled, the Board composition will remain in line with the requirements of the UK Corporate Governance Code.
Richard Pennycook, Chair of On the Beach, commented:
"The Board and I are delighted to welcome Jon as our incoming Group CFO. Having worked closely with Jon in a previous role, I know he is a talented individual whose extensive experience in both online and consumer-facing businesses are well suited to the Company and we look forward to working with him."
Shaun Morton, CEO designate, commented:
"Jon's senior financial and operational roles will be invaluable to us at On the Beach as we continue to strengthen the brand and bring our leading customer proposition to a broader audience of beach holiday makers. I look forward to working closely with Jon as I step into the role of CEO and am also pleased to continue working with Simon in his new Founder Director role."
Jon Wormald, incoming CFO, commented:
"I am thrilled to be joining On the Beach as Group CFO, working with such a talented team in an exciting sector. The business is recognised for its customer-first mentality and has a clear strategy for future growth, and I am looking forward to contributing to its ongoing success."
The Group confirms that there is no further information to be disclosed under the requirements of Listing Rule 9.6.13R.
For further information:
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On the Beach Group plc |
via FTI Consulting |
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Simon Cooper, Chief Executive Officer |
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Shaun Morton, Chief Financial Officer |
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FTI Consulting Alex Beagley |
Tel: +44 (0)20 3727 1000 onthebeach@fticonsulting.com |
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Fiona Walker |
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Sam Macpherson |
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Rafaella de Freitas |
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About On the Beach
On the Beach plc is one of the UK's largest online beach holidays retailers, with significant opportunities for growth and is on a long-term mission to become Europe's leading beach holiday retailer. Its innovative technology, low-cost base and strong customer-value proposition provides a structural challenge to legacy tour operators and online travel agents, as it continues disrupting the online retail of beach holidays. Its model is customer-centric, asset light, profitable and cash generative.
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