Press Release
Update on Group Chief Executive
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7 January 2025
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Close Brothers Group plc ("Close
Brothers" or "the Group") announces that following a period of
medical leave, Adrian Sainsbury and the Board have agreed that he
will step down from his position as Group Chief Executive and
Executive Director of the Group with effect from 6 January 2025 to
focus on his health. He is recuperating well and expected to make a
full recovery.
Following Adrian's departure, the
Board is pleased to announce the appointment of Mike Morgan as
Group Chief Executive on a permanent basis, subject to regulatory
approval.
Mike Biggs, Chairman,
said:
"The Board would like to sincerely
thank Adrian for his material contribution during his 11 years with
the Group, the last four of which were as Chief Executive. During
this time he has overseen a period of significant growth and
development for the Group, successfully leading the organisation
through a challenging period which includes Covid and heightened
geopolitical uncertainty. On behalf of the Board I would like to
wish Adrian all the very best for the future."
"I am also pleased to confirm the
appointment of Mike Morgan as permanent Group Chief Executive,
subject to regulatory approval. Mike has made a strong contribution
as Group Finance Director for the past five years and has been
successfully performing the Chief Executive role on an interim
basis over the last several months. He brings deep knowledge of the
organisation and his appointment will ensure continuity in the
leadership of the Group and delivery of our strategy."
Adrian Sainsbury, outgoing Group
Chief Executive, said:
"It has been a privilege to lead the
Group as Chief Executive for the last four years. During my time at
Close Brothers I have been deeply impressed by the enduring
strength of our business model, and the dedication and expertise of
our people. I would like to thank the team at Close Brothers for
their commitment and support, and wish them every success for the
years to come."
Details of Adrian Sainsbury's
remuneration arrangements on stepping down from the Board, which
are consistent with the Group's remuneration policy, will shortly
be made available on the Group's website (www.closebrothers.com),
as required by section 430(2B) of the Companies Act
2006.
Enquiries
Sophie Gillingham
Close Brothers Group
plc
020 3857 6574
Camila
Sugimura
Close Brothers Group
plc
020 3857 6577
Sam
Cartwright
H/Advisors
Maitland
07827 254561
About Close Brothers
Close Brothers is a leading UK
merchant banking group providing lending, deposit taking, wealth
management services and securities trading. We employ
approximately 4,000 people, principally in the United Kingdom and
Ireland. Close Brothers Group plc is listed on the London Stock
Exchange.
Cautionary Statement
Certain statements included or incorporated by reference
within this announcement may constitute "forward-looking
statements" in respect of the group's operations, performance,
prospects and/or financial condition. All statements other than
statements of historical fact are, or may be deemed to be,
forward-looking statements. Forward-looking statements are
sometimes, but not always, identified by their use of a date in the
future or such words as "anticipates", "aims", "due", "could",
"may", "will", "should", "expects", "believes", "intends", "plans",
"potential", "targets", "goal" or "estimates". By their nature,
forward-looking statements involve a number of risks, uncertainties
and assumptions and actual results or events may differ materially
from those expressed or implied by those statements. There are also
a number of factors that could cause actual future operations,
performance, financial conditions, results or developments to
differ materially from the plans, goals and expectations expressed
or implied by these forward-looking statements and forecasts. These
factors include, but are not limited to, those contained in the
group's annual report (available at:
https://www.closebrothers.com/investor-relations).
Accordingly, no assurance can be given that any particular
expectation will be met and reliance should not be placed on any
forward-looking statement. Additionally, forward-looking statements
regarding past trends or activities should not be taken as a
representation that such trends or activities will continue in the
future.
Except as may be required by law or regulation, no
responsibility or obligation is accepted to update or revise any
forward-looking statement resulting from new information, future
events or otherwise. Nothing in this announcement should be
construed as a profit forecast. Past performance cannot be relied
upon as a guide to future performance and persons needing advice
should consult an independent financial adviser.
This announcement does not constitute or form part of any
offer or invitation to sell, or any solicitation of any offer to
subscribe for or purchase any shares or other securities in the
company or any of its group members, nor shall it or any part of it
or the fact of its distribution form the basis of, or be relied on
in connection with, any contract or commitment or investment
decisions relating thereto, nor does it constitute a recommendation
regarding the shares or other securities of the company or any of
its group members. Statements in this announcement reflect the
knowledge and information available at the time of its preparation.
Liability arising from anything in this announcement shall be
governed by English law. Nothing in this announcement shall exclude
any liability under applicable laws that cannot be excluded in
accordance with such laws.