28th Sep 2005 07:03
Compass Group PLC28 September 2005 Compass Group PLC Board Update 28 September 2005 Compass Group PLC announces today that Michael J Bailey has informed the Boardof his intention to step down as its Chief Executive Officer, after 40 yearsservice in the Catering Industry. He will continue in his current position atleast until Sir Roy Gardner takes on the role of the new Chairman of CompassGroup, some time during 2006. Michael J Bailey said "In my time at Compass, we have built a trulyinternational business with scale and market leadership. Whilst in the shortterm the Company has been through a challenging period, particularly in the UK,I am satisfied that we have taken the necessary action and that a platform hasbeen established from where the Company can move forward again. I remain fullycommitted to implementing our plan through this period of turnaround." Sir Francis Mackay, Chairman of Compass, said "On behalf of the Compass GroupBoard of Directors, I would like to thank Mike for his huge contribution overthe last 12 years. The particular success of our US business, which wasestablished by Mike, is a testament to his enthusiasm, energy andentrepreneurial skill." Sir Roy Gardner commented "We are fortunate that Mike will stay on at Compass atleast until I have taken on the role of Chairman next year. Following that, Mikeand I are both committed to ensuring a smooth period of transition." Enquiries: Compass Group PLC Investors/Analysts: Sarah Ellis +44 (0) 1932 573000Media: Paul Kelly +44 (0) 1932 573000 Brunswick Group Simon Sporborg/Pamela Small +44 (0) 207 404 5959 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Compass Group