Comptoir Group CEO resigns
The group also announced several changes to its board.
Nick Ayerst, CEO of Comptoir Group has stepped down to pursue a new career opportunity, the group announced in its recent trading update.
Ayerst will remain in his role until the end of February to ensure an orderly handover before departing.
Tony Kitous, Founder and Creative Director of Comptoir, has identified Chaker Hanna, the former CEO of the Group, that stepped down in August 2022, as an appropriate successor to replace Mr Ayerst.
Hanna has extensive industry experience and has remained a substantial shareholder of the Group and retains an 18% holding in the Company. The formal appointment of Mr. Hanna is subject to the completion of standard regulatory checks.
With the re-appointment of Hanna as CEO, the executive team and Board will now control 66% of the issued share capital. The group said that Ali Aneizi (Independent Non-Executive Director) and Jean-Michel Orieux (Independent Non-Executive Chairman) feel that they are no longer able to advise the Board going forward or continue in their roles representing all the shareholders of the Company effectively and independently.
As a result, the Company announces that Aneizi and Orieux have jointly resolved to step down from the Board with their resignation becoming effective at the end of their three-month notice periods commencing on the date of this announcement. They have both agreed to remain in their respective roles until appropriate successors have been identified and appointed in order to facilitate a seamless and smooth transition.
The group said it is now searching for their replacements and is in advanced discussions with Richard Kleiner, the company’s former Chairman who stepped down in August 2022, who has, in principle, agreed to serve as Chairman of the Group going forward.
In addition, the company is seeking to identify and appoint an independent Non-Executive Director to replace Aneizi. James Fisher, FD and Tony Kitous, Founder and Creative Director will remain in their respective roles.
Further announcements will be made once the regulatory checks have been completed.
Meanwhile, Comptoir Group reported an increase in group revenue of 9.5% to £34.5m. Like-for-like sales increased by 1.9%, with full-year adjusted EBITDA expected to be in excess of £500k. The Group held an unaudited net cash and cash equivalents position of £5.9m at year-end. The Group has a residual balance of £1m on its CBIL loan of which is expected to be fully paid back by September 2026.
