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Sureserve looks for independent non-executive chairman, chief executive amid board reshuffle

Published: 08:36 18 Mar 2021 GMT

Sureserve Group Plc - Sureserve looks for independent non-executive chairman, chief executive amid board reshuffle

Sureserve Group Plc (LON:SUR) said it is beginning the formal process to appoint a new independent non-executive chairman and a new chief executive amid a board reshuffle.

The compliance and energy services group said that Bob Holt has decided to step down from his position as executive chairman so senior independent director Robert Legget will step in as an interim.

READ: Sureserve makes strong start to new year; Peel Hunt ups target price

Chief financial officer Peter Smith will be appointed as an interim chief operating officer, the AIM-listed firm added.

Legget noted in a release that Holt is leaving Sureserve having successfully completed its turnaround, after overseeing a 125% recovery in the share price since he was recruited in July 2016.

When Holt joined, Sureserve had bank debt of £47mln and the share price was trading at 25p, below the listing price of 89p in March 2015.

"Since then, Bob has returned the company to sustained profitability and made some strategic disposals, resulting in a highly successful and well-focussed group in attractive market segments underpinned by regulatory drivers,” Legget commented.

“Sureserve is now debt-free with a re-instated dividend, posting EBITA of £10.4mln in the latest financial year and the group now has firm foundations from which to deliver its growth plans.”

"On behalf of all stakeholders, we thank Bob for his tremendous contribution to Sureserve and his success in transforming the business. He leaves us with our best wishes, having made an indelible and positive mark on Sureserve and having deservedly enhanced his reputation as a successful business leader.”

Holt is leaving on Wednesday ahead of the annual general meeting.

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