31st Jan 2006 09:00
Egg PLC31 January 2006 To be released: 09.00h Tuesday, 31st January 2006 Board Changes at Egg The Board of Egg plc ("Egg") today announces that Paul Gratton, Egg's ChiefExecutive, will leave Egg with effect from 20th February following Egg'sdelisting from the London Stock Exchange. Mark Nancarrow has been appointed CEOand assumes executive responsibility with immediate effect and Kieran Colemanhas been appointed Chief Financial Officer. Paul is committed to achieving acomprehensive handover as well as completing the delisting process. Paul Gratton said: "Building Egg to become the successful business it is today has been an immenseand rewarding challenge. However, the acquisition of the minority and theproposed delisting of Egg presents an opportunity for Egg to have someone new atthe helm. I would like to thank the excellent team that has worked with me overthe past ten, exciting years and also all Egg People who have shown unstintingloyalty to me and the company, in particular during the uncertainty of Egg'sfuture over the past two years. Mark has been an integral part of Egg's successover the last eight years and has a great grasp of the business and itspotential and I wish him every success as he takes over the reins." Roberto Mendoza, Chairman of Egg, said: "We are very sad to learn from Paul that he has decided, in conjunction withdiscussions he has been having with Prudential, that it is now time for him toleave Egg. He has served not only the company and the Board with distinctionbut also has been one of the few people in the financial services industry whohas changed the market and genuinely helped consumers get a better deal andservice than is usually available. We will miss his passion and commitment inchampioning a better deal for consumers, and speaking for myself and fellowBoard members, we will miss his valuable contribution to Egg but thank him mostsincerely for turning Egg into the profitable business of scale it is today." Mark Nancarrow, 45, who was previously Egg's Chief Financial Officer, willreport to Nick Prettejohn, Chief Executive of Prudential's UK InsuranceOperations. Nick will also join the Egg Board. Mark became Egg's CFO in May 2005 having previously served as the Egg GroupManaging Director of Banking, from October 1999 and, since 2000, as Egg's ChiefOperations Officer. Prior to joining Egg in 1998, Mark held senior positions atMidland Bank and Watson Wyatt Partners. Kieran Coleman, 36, has been Finance Director of Egg since October 2004.Previously he was Group Financial Controller and Head of Investor Relationsfollowing Egg's IPO in 2000. Prior to joining Egg in 1996, he worked withArthur Andersen in Dublin. He becomes Chief Financial Officer and joins theBoard of Egg plc with immediate effect. Mark Nancarrow said: "I am delighted to take on the Chief Executive role at this exciting time inEgg's development. There is huge potential for Egg and Prudential's UKbusinesses through greater collaboration, as Prudential builds its offering inretail financial services. I am looking forward to working with Nick and the UKmanagement team to deliver strong, profitable growth." -ends- Enquiries: Emma Byrne 020 7526 2565Press Office: 020 7526 2600 Notes to Editors 1. Biographies: Mark Nancarrow Mark Nancarrow became Egg's Chief Financial Officer in May 2005 having beenEgg's Chief Operations Officer, accountable for its UK business, since 2000. Heserved as the Egg Group Managing Director of Banking, from October 1999. Priorto joining Egg in 1998, Mark held senior positions at Midland Bank and WatsonWyatt Partners. He holds a Degree in Law and Accountancy from CardiffUniversity. Kieran Coleman Kieran joined Prudential Banking plc in June 1996 and was appointed FinancialController in January 1997. He successfully led the team working on the Egg IPOin June 2000 following which he became Group Financial Controller and Head ofInvestor Relations. In October 2004 Kieran was appointed Egg's FinanceDirector. Prior to joining Prudential he worked for Arthur Andersen in Dublin. There are no disclosures in respect of Listing Rule 9.6.13 required in respectof Kieran becoming a director of Egg plc. 2. Egg Prudential announced on 1 December 2005 the terms of a recommended offer for thewhole of the issued and to be issued shares of Egg not already owned byPrudential Group, representing approximately 21.7 per cent of the existingissued share capital of Egg. On 23 January 2006, Prudential announced that the Group's share ownership of Egghad risen to 95.7 per cent of the entire issued ordinary share capital and thatit had applied to delist Egg from 20 February 2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Prudential