Impellam Group plcs Cheryl Jones Steps Down as Chairman
Impellam Group plc’s Cheryl Jones Steps Down as Chairman
Following the successful turnaround and transformational restructuring of the Group, the Company announces that Cheryl Jones has stepped down as a director of Impellam with immediate effect. Cheryl will continue to work with the Group over the upcoming months to ensure an efficient and effective transition and the commencement of the Company's 2013 plans. Concurrent with this change, the role of Chairman of the Board was taken on by Andrew Wilson with immediate effect.
Ms Jones currently holds 1.2 million of the Company's shares and has informed the Board that her intention is to hold at least one million shares for the next 12 months unless the Board of the Company otherwise consents. In addition, Ms Jones has been granted, conditional on shareholder approval, an option by the Company to acquire up to 500,000 shares in the Company in two tranches. In the ordinary course, the first tranche over 250,000 shares will be exercisable from 23 November 2012 to 31 December 2012 and the second tranche over the remaining shares will be exercisable from 1 January 2013 to 31 December 2013. The grant of the option will increase Ms Jones interest in shares in the Company to 1.7 million shares, representing 3.83% of the Company's issued share capital, as enlarged following the exercise in full of the option. The Company intends to convene a general meeting on 22 November 2012 to approve, amongst other things, the approval by shareholders of such option grant.
Andrew Wilson commented: "The Board very much want to acknowledge the outstanding contribution that Cheryl has made to Impellam over the past three years. Her focus, energy and commitment have been the driving force behind the Company's transformation, which has left the Group strongly positioned both in terms of operational resilience and financial strength."
"The strategy of the Group remains focussed on our key markets and our current and prospective clients. Whilst the economic environment remains a major challenge, the restructured organisation and the diversity of the Company's portfolio provide a sound operational and financial base for the on-going success of the Group."