Business
Board and management update
Board and management update.
About this update from Franchise Brands Plc
[{"type":"text","content":"\n\n \n4 September 2023\n \nFRANCHISE BRANDS PLC\n(\"Franchise Brands\", the \"Group\" or the \"Company\")\n \nBoard and management update\n \nFranchise Brands plc (AIM: FRAN), an international multi-brand franchise business, today updates on its plans, as set out in the Group's interim results in July, for an optimal board and management structure for the enlarged group, as well as the appointment of a new CEO for Pirtek Europe.\n \nPLC and Management Board update\n \nFollowing the acquisition of Filta in March 2022 and Pirtek Europe in April 2023, the Group has grown significantly with seven franchise brands in ten countries. As a result, it is now evolving its board and management structure with the introduction of a two-tier organisation, whereby the board of the Company (the \"PLC Board\") will be streamlined to five directors, and below this, a separate management board (the \"Management Board\") will be created.\n \nThe PLC Board will comprise two executive directors - Executive Chairman, Stephen Hemsley, and CFO, Mark Fryer - and three non-executive directors - two independent non-executive directors, Andy Brattesani and newly appointed Peter Kear, further details of whom are set out below, together with Nigel Wray (who is considered a non-independent Non-Executive Director). The Group intends to have three independent Non-Executive Directors and will therefore appoint an additional independent Non-Executive Director as soon as practicable.\n \nThe Management Board will comprise the divisional Managing Directors, together with the directors of the key central support functions. The purpose of the Management Board, which will report to the PLC Board, will be the day to day operational and financial management of the business and the delivery of the Group's strategic plan.\n \nAs a result of these changes, Executive Directors Peter Molloy (Managing Director, B2B Division), Jason Sayers (Managing Director, Filta International), Tim Harris (Managing Director, B2C Division), Colin Rees (Chief Information Officer) and Julia Choudhury (Corporate Development Director) will step down from the PLC Board as directors and all join the Management Board along with the CEO of Pirtek Europe.\n \nDavid Poutney, independent Non-Executive Director, will also be retiring from the PLC Board a...