13th Feb 2014 10:07
LONDON (Alliance News) - Models and collectibles company Hornby PLC Thursday said that former Ladbrokes and Dixons director Richard Ames will join the company as chief executive in April, ending an almost year-long hunt for a successor to long-serving former chief Frank Martin.
The maker of model railway sets, Scalextric model car racing sets, and Airfix modelling sets said Ames was most recently managing director of Ladbrokes' product division, having previously overseen the turnaround of its UK and Ireland operations. Earlier in his career, he had been a marketing director and purchasing director at Dixons.
Hornby Chairman Roger Canham will return to a non-executive role when Ames starts.
"I am delighted that Richard is joining Hornby. He has a wealth of experience of leading consumer facing businesses. I was impressed with his track record of implementing successful marketing strategies and managing complex supply chains. Finally, I am pleased that he has a genuine passion and enthusiasm for the Hornby business and I am confident that Hornby is in good hands as we move forward," Canham said in a statement.
Hornby is currently trying to sort out supply chain issues that have hit its profits and revenues. Its long-standing major supplier closed the factory which made the Hornby model railway goods, forcing the British company to look for new suppliers. Last month, Hornby said it had come to an agreement to cease trading with that supplier, meaning that its tools and mould will be available to its other manufacturing partners.
Hornby's previous chief executive, Frank Martin, announced his retirement last March and retired last June, at which point Canham took an executive role and led the hunt for Martin's successor. Martin had been CEO since 2001, broadening the company's product range and pushing it into markets outside the UK.
Hornby shares were down 0.7% at 75.00 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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