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Accrol Group Holdings plc

Accrol Group Holdings plc Board Changes

Accrol Group Holdings plc (LON:ACRL), the AIM-listed leading independent tissue converter, has today announced that Dan Wright has been appointed Executive Chairman, moving from Independent Non-Executive Director with immediate effect.

Dan replaces Peter Cheung, who stepped down from the Board as Executive Chairman with effect from 3 February 2018 and has left the Company to focus on his other roles.

Peter Cheung said: “Having overseen the appointment of our new CEO, Gareth Jenkins, Dan Wright as NED and the strengthening of the management team, I remain optimistic about the future of the business. I would like to thank our customers, shareholders, and the Board for their support.”

The Company is also pleased to announce that Martin Leitch, who joined the operational board on 20 November 2017, has been appointed to the Board as Interim Chief Financial Officer with immediate effect.

Martin is an international finance executive with almost 40 years’ experience in both publicly quoted and private equity owned groups. He is a Chartered Accountant and has over the last five years provided finance, strategy, corporate finance and other services to a number of international businesses, including Volac International and Constantia Flexibles. Prior to this period he was Chief Financial Officer at Innovia Films, Quest International and Antalis Group.

He began his corporate career at Pepsi-Cola International in 1993, having worked for Price Waterhouse in both the UK and US between 1979 and 1993. Martin is currently a Non-Executive Director of Millennium & Copthorne Hotels plc.

As previously announced, the Company is currently in the process of searching for a permanent Chief Financial Officer.

The Board now comprises:

· Dan Wright (Executive Chairman)

· Gareth Jenkins (Chief Executive Officer)

· Martin Leitch (Interim Chief Financial Officer)

· Joanne Lake (Independent Non-Executive Director)

· Stephen Hammett (Independent Non-Executive Director)

Gareth Jenkins, Chief Executive Officer of Accrol, said: “I am delighted that Dan has agreed to head the Board of Accrol. He is an experienced operator with considerable knowledge of the business and a strong understanding of the mechanics of the industry. I, personally, look forward to working with him, as we pursue a successful turnaround of this business. On behalf of everyone at Accrol, I welcome him to the role of Chairman.

“We also welcome Martin, who joins the Accrol Board following a highly impressive period as part of the senior management team. Martin brings considerable financial skills and turnaround experience to the Board and I have no doubt that he will make a valuable contribution.

“On behalf of the Board, I thank Peter and we wish him well for the future.”

Dan Wright, Chairman of Accrol Group Holdings plc, added: “I am delighted to return to a leadership role on the Accrol board. I remain convinced of the strong market fundamentals that underpin Accrol’s leading position in the discount sector and I look forward with confidence to helping address the people, process and cost pressures that have held the business back since IPO. I have found the team led by Gareth and recently reinforced by Martin and Don to be clear-thinking and dynamic and relish the prospect of working with them to build on the business’ position with its customers and restore profitability and value for its shareholders.”

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.