The Restaurant Group chairman to step down for 'personal reasons'
Wagamama owner the Restaurant Group (TRG) has announced that its chairman Ken Hanna will step down next year.
In a statement released this morning, TRG said Hanna had informed the company of his intention not to seek re-election at the group's next AGM in 2024 "due to personal reasons".
It follows months of tension between TRG and its investors over the share price and direction of the business.
TRG, which also owns pub group Brunning & Price and Frankie & Benny's, said it will begin the process to search for a new chairman.
Hanna, who joined as chairman in January 2022, will remain in his position until a successor is appointed in "order to allow for an orderly handover", TRG said.
The news comes amid ongoing infighting between TRG and its investors including Oasis Management Company, which holds a 12.3% stake in the business.
Oasis, along with several other shareholders, has been critical of Hanna's business strategy and executive pay, as well as TRG's refusal to offer investors a seat on the company's board. The backlash led to repeated calls for TRG to replace Hanna as chairman.
Despite the ongoing tension, earlier this week TRG reported strong interim results, with group revenue up 10%, primarily driven by the performance of Wagamama and its pub division.
Hanna said: "It has been a privilege to work at TRG and I will be leaving the company in great shape with the business trading really strongly, outperforming the market and making good progress on its strategic options.
"I would like to thank the board and management team as well as our brilliant colleagues across the business for their great work and support during my time with TRG. I wish them and the group much continued success."
Andy Hornby, chief executive of TRG, said: "On behalf of the board I would like to thank Ken for his outstanding contribution to the business.
"He has been an exceptional chairman and a hugely valued colleague during a critically important period for TRG as we have successfully recovered from the covid pandemic and made good progress with our strategy.
"Ken's leadership of the board will be greatly missed by all his colleagues at TRG and we wish him well."
On Thursday, shares in TRG, which owns more than 400 UK restaurants, closed up nearly 4% at 44.2p, giving it a market value of £334m.
The company said this week it was accelerating plans to cut the size of leisure business from 116 sites to 76 due to poor trading at the Frankie & Benny's and Chiquito's restaurant chains.
Image: Adam Jacobs Photography
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