CEO Succession Plan 30 May 2018
The Board of The Gym Group plc announces that John Treharne, the founder of the Company, is to stand down as Chief Executive Officer with effect from 17 September 2018, having led the Company through its first 10 years growing the portfolio from a single gym in Hounslow to 133 gyms today. John will remain on the Board as Founder Director continuing to provide the benefit of his immense network and experience across the sector with a focus on nurturing culture and entrepreneurial activity whilst also leaving more time for his family and personal interests.
Following a thorough search process which considered both external and internal candidates, the Board is also pleased to announce that Richard Darwin, currently the Company's Chief Financial Officer, will succeed John as Chief Executive Officer, also with effect from 17 September 2018. Richard joined The Gym Group prior to the Company's IPO in 2015 as Chief Financial Officer and has since worked closely alongside John in delivering the rapid profit growth and site expansion which The Gym Group has achieved.
A process to appoint a new CFO is now underway.
Penny Hughes, Chairwoman of The Gym Group, said:
"On behalf of the entire Gym Group team, I would like to acknowledge John's extraordinary achievement in pioneering the low cost fitness model and developing The Gym Group into the fastest growing company in the sector across Europe. His passion, vision and innovation have built a start-up into a market leader and provided access to fitness for all. We are all delighted that John will continue to contribute to the business which he founded and that The Gym will still benefit from his vast experience and knowledge.
"We are fortunate to have such an able successor for the CEO role in Richard Darwin. Richard has unrivalled experience and knowledge of both the multi-site leisure industry and the Company, having been instrumental in delivering and executing The Gym Group's strategy with John since IPO. He is uniquely equipped to continue to drive The Gym Group along its planned growth trajectory and deliver its next exciting phase of development."
The Gym Group
Penny Hughes, Chairwoman
John Treharne, CEO
Richard Darwin, CFO
020 7260 1000
0207 457 2020
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain