2nd Sep 2019 10:12
(Alliance News) - Portmeirion Group PLC said Monday long-serving Chief Executive Officer Lawrence Bryan has retired as boss, replaced by Finance Director Mike Raybould with immediate effect.
Bryan - who has led the Portmeirion, Royal Worcester and Pimpernel brand owner since 2001 - has retired as chief executive, but will remain as non-executive director at the AIM-listed firm.
Raybould has served as finance chief at Portmeirion since 2017 and worked closely with all parts of the business during that period. He has replaced Bryan as chief executive, with Finance Controller David Sproston being promoted to finance director of the firm.
"I struggle to find words that are adequate to describe the huge contribution that Lawrence has made to the group," Portmeirion Chair Dick Steele said. "Without his leadership, commercial expertise, commitment and perspicacity the Group would not be the force that it is in homewares today."
"I am delighted that he has agreed to continue to serve on the Board in a non-executive capacity," Steele added. "The group and executive team will continue to benefit from Lawrence's unparalleled sector knowledge, built up over more than forty years."
Bryan added: "I leave in place a very strong team of senior management in whom I have supreme confidence. The group is now a well-diversified company with a bright future and I look forward to seeing it grow under the extremely capable and energetic guidance of Mike Raybould."
Portmeirion added that as it prepares to enter its "critical" seasonal trading period, demand for its "key" seasonal lines were in line with expectations. In addition, the integration of the USD12 million acquisition of US homewares maker and retailer Nambe LLC was "progressing well".
Shares in Portmeirion were 0.6% higher at 880.00 pence in London on Monday.
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