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Personal Group to buy Innecto and appoint its co-founder as new CEO

Personal Group is proposing to purchase Innecto, a pay and reward consultancy, for £3mln. Innecto's co-founder, Deborah Frost (currently on the board of Personal Group as a non-executive) will take over as CEO when/if the deal completes

Board room
Frost has been on the board of Personal Group since 2015

Non-executive director Deborah Frost has been unveiled as the new chief executive officer of employee services provider Personal Group Holdings plc (LON:PGH).

She will succeed Mark Scanlon, who signalled his intention to give up the gig back in September.

READ Personal Group trading in line as CEO Mark Scanlon signals intention to step down

Frost will take up the role once the proposed purchase, announced today, of pay and reward consultancy, Innecto, completes.

Frost is the majority shareholder of Innecto, which Personal Group is proposing to buy for £3mln in cash; however, the sellers of Innecto, namely Frost and Justine Woolf, have agreed to subscribe for newly issued shares in Personal Group, with Frost subscribing for just over a million quid’s worth and Woolf for £109,451 of subscription shares.

The acquisition is expected to immediately enhance Personal Group’s earnings.

The group said current trading remains in line with the statement issued on January 10.

READ Personal Group remains cautiously optimistic

Mark Winlow, the chairman of Personal Group, thanked Scanlon for “his immense contribution” to the company and welcomed Frost, saying her wealth of experience meant she was “well-placed to lead the company through the next stage of its development”.

Frost, who co-founded Innecto in 2002, has a diverse background in industry and consultancy, having worked for both Marks and Spencer and the Nationwide Building Society before joining Towers Perrin in 2000. She has led multiple global projects in pay structure, variable pay design, total reward, performance management and reward strategy.

Quick facts: Personal Group Holdings PLC

Price: 273 GBX

Market: AIM
Market Cap: £85.23 m

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on 24/4/20

2 min read