TIDMSTU

RNS Number : 9174R

Studio Retail Group PLC

03 July 2020

03 July 2020

Studio Retail Group plc

("the Company" or "Studio")

CEO Succession

Studio is pleased to announce that Paul Kendrick, currently an executive director of the Company and Managing Director of its main subsidiary, Studio Retail Ltd, will take over as CEO of the Company upon the retirement of the current CEO, Phil Maudsley, at the end of the financial year, on 26 March 2021.

This is the outcome from a structured development and succession plan implemented by the Board working with both Mr Maudsley and Mr Kendrick over the past two years. Mr Maudsley will be fully involved with the transition during the remainder of this financial year.

Paul Kendrick joined the Group in May 2016 initially as Commercial and Deputy Managing Director of Studio Retail Ltd before being promoted to Managing Director in April 2017. He was appointed to the Studio Board in December 2019. During his time at Studio, Paul has played a key role in driving the business forwards and growing its online value offer.

Prior to joining Studio, Paul was Marketing and Ecommerce Director at Bonmarche, and held various roles at N Brown Group including leading Marketing, Financial Services, International and Group Development functions. Much of Paul's early career was spent within the travel industry, at both Thomson (now Tui) Travel and The Co-operative Group.

Phil Maudsley will retire following more than 30 years of service with the Company, having joined the Group in 1987 as general manager of a manufacturing subsidiary. Since then he has held various roles including managing director of the Home Shopping Division and Managing Director of Express Gifts. He was appointed to the Studio Board in 2004 before being appointed Group Chief Executive Officer in April 2017. In this time, Phil has led the Group in becoming a focused, on-line value retailer of scale.

Ian Burke, Studio Chairman, says

"Phil has contributed significantly to the Company's development and achievements over thirty years including most recently in his capacity as CEO. As he approaches his retirement from Studio, I would like to thank him for that contribution, on behalf of the board, and to wish him well in whatever he chooses to do next."

Mr Maudsley, Studio CEO, says

"I have thoroughly enjoyed my long career with this group. Seeing Studio evolve from a small Christmas catalogue operation to become a thriving on-line value retailer serving over 2 million customers gives me immense pride. I know that I leave the business in Paul's very capable hands."

Mr Kendrick, Studio Executive Director and MD of Studio Retail Ltd, says

" I am truly excited to be given the opportunity to lead Studio Retail Group as we continue our transformation to a digital, value retailer. I would like to thank Phil for all his support over the last 4 years. We have built an amazing team which I am honoured to work with as we take the business forward. "

Enquiries

   Studio Retail Group plc           0161 303 3465 

Ian Burke, Chairman

   Tulchan Communications       020 7353 4200 

Will Smith

Notes to Editors

Studio Retail Group currently contains market leading businesses in the UK digital retailing and education supplies markets. It is primarily a retailer and distributor, handling and supplying specialist products manufactured by third parties.

The Group's activities are currently focused in two main operating segments:

-- Studio - a leading UK digital value retailer, primarily trading via the Studio brand; and

-- Education - the second largest listed independent supplier of resources and equipment (excluding information technology and publishing) to schools in the UK and overseas. We announced the sale of this business to YPO in December 2019 for GBP50m, subject to approval from the Competition & Markets Authority.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

BOAUPUBAMUPUGMP

(END) Dow Jones Newswires

July 03, 2020 02:00 ET (06:00 GMT)

Findel (LSE:FDL)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024 Haga Click aquí para más Gráficas Findel.
Findel (LSE:FDL)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024 Haga Click aquí para más Gráficas Findel.