The Restaurant Group PLC (LSE:RTN), owner of Wagamama, said its chief financial officer Kirk Davis will be stepping down in September after a tough AGM last month raised tensions between shareholders and management.
Mark Chambers, chief executive of the hospitality group’s leisure and concession division, will take over from Davis after interim results are released in Autumn.
In a statement, the group said Chambers, who has experience in both operational and financial roles, was “a very strong candidate for TRG’s next stage of evolution”.
Andy Hornby, TRG’s group chief exec said: “[Kirk] was instrumental both in the acquisition and successful integration of Wagamama and in supporting the business as it successfully navigated the Covid pandemic.
“We wish him all the very best for the future."
The change comes after numerous shareholders voted against several resolutions including the directors’ pay – albeit a non-binding vote.
Hornby, chairman Ken Hanna and the head of the remuneration committee Zoe Morgan all received a significant portion of votes against their re-election.
Hanna received 23% of votes in favour of removal, Morgan received 24% and Hornby 15%.
Kirk Davis received the highest proportion of votes in his favour, 99.74% of voting shareholders wanted to see him re-elected.
A spokesperson for TRG confirmed that no more departures were expected.
Pressure on TRG’s directors started when several activist investors expressed concerns about the group’s performance.
Some shareholders called for TRG to sell all its brands, bar Wagamama, which would include Frankie & Benny’s and Chiquito’s.