NWF Group PLC Board Changes (8127H)
August 01 2023 - 2:00AM
UK Regulatory
TIDMNWF
RNS Number : 8127H
NWF Group PLC
01 August 2023
For release Tuesday 1 August 2023
NWF Group plc
NWF Group plc: Board Changes
NWF Group plc ('NWF' or the 'Group'), the specialist distributor
of fuel, food and feed across the UK, announces that Richard
Whiting, Chief Executive, has informed the Board of his decision to
retire from NWF in March 2024, after leading the Group successfully
for the last 15 years .
In line with the Board's succession plans, Chris Belsham,
currently Group Finance Director, will be appointed Chief Executive
upon Richard's retirement, and effective today, assumes the role of
Chief Executive Designate. Chris joined NWF in 2017, following an
earlier career in corporate finance and accountancy.
Further, NWF is pleased to announce the appointment of Chris'
successor, Katie Shortland, as Chief Financial Officer with effect
from 2 October 2023. Katie is an experienced finance and business
leader with extensive experience working in infrastructure,
engineering and manufacturing; she is currently Finance and
Transformation Director at Midland Expressway Limited, having held
other senior finance positions at Meggitt PLC and Rolls-Royce
plc.
In addition, it is announced that Philip Acton's tenure as
non-executive Chair will be extended further for a limited period
of time, until the 2024 AGM, in order to oversee the transition and
continue to facilitate effective succession planning.
Commenting on the changes, Chair, Philip Acton said: "I would
like to thank Richard for his substantial contribution to the
positive development of the Group over the last 15 years, leaving
it well positioned for the next phase of its growth plans. During
his time, NWF has significantly grown all three divisions through
organic investment and acquisitions, whilst at the same time paying
down all of its debt and raising the dividend in each of the last
twelve years.
"I would like to congratulate Chris on his promotion which
recognises the key role he has played in the Group's performance
and strategic direction since joining the Board in 2017, and
welcome Katie to the business, as we look forward to her
participation in the execution of the next phase of our growth
strategy."
Richard Whiting CEO said: "It has been a privilege to lead NWF
through its last 15 years of successful growth. The business is now
well placed with strong performances in all three divisions, a
clear strategy on which progress is being made and the cash
generative capability and funding to continue its development. I am
delighted Chris will be my successor as CEO and I wish Chris and
all the great team at NWF continued success in the years
ahead."
Disclosures required by Schedule 2(g) of the AIM Rules for
Companies:
Katie Jane Shortland, aged 45, does not currently hold, nor has
held in the previous five years, any directorships.
Save for the disclosures above, there is no other information
that is required to be disclosed pursuant to Schedule 2 paragraph
(g) of the AIM Rules for Companies in relation to the appointment
of Katie Shortland as Chief Financial Officer.
Information for investors, including analyst consensus
forecasts, can be found on the Group's website at www.nwf.co.uk
Richard Whiting, Chief Reg Hoare / Catherine
Executive Chapman / Mike Bell / Ed Allsopp
Chris Belsham, Chief Executive
Designate Christian Harte
NWF Group plc MHP Peel Hunt LLP
(Nominated Adviser
and broker)
Tel: 01829 260 260 Tel: 020 3128 8339 Tel: 020 7418 8900
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END
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