24 April
2024
Gear4music (Holdings) plc
Board Succession
Update
Gear4music (Holdings) plc
("Gear4music", "the Company" or "the Group"), the largest UK based online retailer of
musical instruments and music equipment, is pleased to announce its
Board succession plan.
Having served the Group since IPO in
2015, Ken Ford (Non-Executive Chair) and Dean Murray (NED) are
approaching the end of their nine-year tenure, and are intending to
step down from the Board later this year.
The existing Board, Chair and
Nominations committee have diligently evaluated revised board
structures to ensure the best outcomes for all stakeholders and,
having consulted with certain of the Company's major shareholders,
we are pleased to announce the following changes will take effect
from Friday 5 July 2024:
·
Ken Ford to step down as Non-Executive Chair and
retire from the Board
·
Andrew Wass to move from CEO to Executive
Chair
·
Gareth Bevan, current CCO, to be appointed as
CEO
·
Neil Catto, recently appointed as CFO of
Revolution Beauty Group Plc and former CFO of Boohoo Group plc, to
join the board as Senior Independent Director ('SID') and Audit
Committee chair
·
Chris Scott's and Harriet Williams' (CFO and NED
respectively) roles and responsibilities remain
unchanged
Dean Murray has agreed to remain on
the Board until a suitable NED candidate with appropriate
experience has been appointed. The Group has appointed an agency to
help with this process and the search to identify candidates is
under way.
Neil Catto
Neil has significant experience of
serving on the boards of AIM-listed companies as both executive and
non-executive director. Neil was CFO of Boohoo between 2011 and
2022 and is now CFO of Revolution Beauty, having initially joined
as a non-executive director in 2023. Neil is also a non-executive
director of tinyBuild Inc. He was previously Finance Director of
dabs.com plc and has held senior financial positions in BT plc and
The Carphone Warehouse Group. Neil qualified as a chartered
accountant with EY.
Andrew Wass, CEO and Executive Chair designate of Gear4music
said:
"On behalf of the Gear4music team, I extend our heartfelt
thanks to Ken and Dean for their dedication and invaluable
contributions over the past nine years. I am deeply appreciative of
the wise counsel and steadfast support they have provided
throughout their tenure.
I
am very much looking forward to working alongside Gareth in our
respective new roles. Gareth has been with the business for twelve
years as Chief Commercial Officer and has 25 years' experience in
our industry, and we firmly believe there is no better person to be
Gear4Music's CEO. The transition will ensure seamless continuity
within our leadership team whilst enhancing our strategic
focus.
I
look forward to spearheading our strategic initiatives, overseeing
the advancement of our bespoke e-commerce platform and continuing
to provide support to our team and stakeholders.
Finally, on behalf of the Gear4music team, I would like to
welcome Neil to the board. Neil's extensive e-commerce and listed
company director experience will prove invaluable as we continue
with the implementation of our long-term growth plan whilst
ensuring good governance."
Ken
Ford, Non-Executive Chair of Gear4music said:
"I
am deeply grateful to the Board members, staff, and stakeholders
for their commitment to the business, enthusiasm and delivery since
I joined the Board as Chair in 2015.
This period has seen remarkable growth. There have been
challenges to overcome along the way but, today, our business
stands significantly stronger, a testament to the collective
efforts and dedication of our entire team. With the newly
restructured Board, I am confident that their diverse skills and
experience will continue to drive transformative
change.
I
extend my best wishes to the team on their journey towards
sustainable and profitable growth and I am confident that they will
continue to drive Gear4music forward."
- Ends -
Enquiries:
|
Gear4music
Andrew Wass, Chief Executive
Officer
Chris Scott, Chief Financial
Officer
|
+44 (0)20 3405 0205
|
|
|
|
|
Singer Capital Markets - Nominated Adviser and
Broker
Peter Steel/Sam Butcher, Corporate
Finance
Tom Salvesen, Corporate
Broking
|
+44 (0)20 7496 3000
|
|
|
|
|
Alma - Financial PR
Rebecca Sanders-Hewett
Joe Pederzolli
David Ison
|
+44 (0)20 3405 0205
Gear4music@almastrategic.com
|
Information regarding the
appointment of Neil James Catto, aged 57, as required under Rule 17
and Schedule 2(g) of the AIM Rules for Companies is set out
below.
Current Directorships
Revolution Beauty Group
PLC
Revolution Beauty Ltd
Revolution Beauty Labs
Ltd
Revolution Beauty Nominees
Ltd
Revolution Beauty Holdings
Ltd
Revolution Beauty UK HOLDCo
Ltd
tinyBuild Inc.
Previous Directorships (within the last five
years)
boohoo Group plc
Boohoo.com UK Limited
Boohoo.com USA Limited
Boohoo.com Australia PTY
Boohoo France SAS
Boohoo.com UK Limited Liaison Office
Turkey
Boohoo.com Italy SRL
Boohoo Property Holdings 2
Limited
Boohoo Holdings Limited
Boo Who Limited
Boohooman.com UK Limited
Boohoo.com Germany GmbH
Debenhams Brands Limited
Debenhams Holdings
Limited
Nasty Gal Limited
NastyGal.com USA Inc
Prettylittlething.com
Limited
Prettylittlething.com Limited USA
Inc
Miss Pap UK Limited
Coastlondon.com Limited
Karenmillen.com Limited
Oasis Fashions Online
Limited
Dorothy Perkins Online
Limited
Burton Online Limited
Redherring.com Online
Limited
Principles.com Online
Limited
Maine.com Online Limited
Mantaray.com Online
Limited
PGBH Limited
Pancorp1 Limited
Shanghai Wasabi Frog Trading Co
Limited
Faith.com Online Limited
Wallis Online Limited
21Three Clothing Company
Limited
Warehouse Fashions Online
Limited
As at the date of this announcement,
Neil Catto does not hold an interest in the ordinary shares of the
Company.
Save as set out above, there are no
further disclosures pursuant to Rule 17 or Schedule Two paragraph
(g) of the AIM Rules for Companies in respect of the appointment of
Neil Catto.
About Gear4music (Holdings)
plc
Operating from a Head Office in York,
Distribution Centres in York, Bacup, Sweden, Germany, Ireland &
Spain, and showrooms in York, Bacup, Sweden & Germany, the
Group sells own-brand musical instruments and music equipment
alongside premium third-party brands including Yamaha, Roland and
Roland, to customers ranging from beginners to musical enthusiasts
and professionals, in the UK, Europe and the Rest of the
World.
Having developed its own e-commerce
platform, with multilingual, multicurrency websites delivering to
over 190 countries, the Group continues to build its overseas
presence.