ProCook CFO Dan Walden to step down as new CEO incentive scheme confirmed
ProCook has announced that its chief financial officer, Dan Walden, will be stepping down from both the board and his position.
The company has also confirmed it will be putting forward a new long-term incentive scheme for chief executive Lee Tappenden at its AGM in September.
Subscribe to TRBWalden has worked with ProCook since 2021, following a career spanning stints at Booking.com, Dunelm, Halfords and Sainsbury’s.
He will remain in his existing role until at least the summer of 2027, or until a suitable replacement is found, and has agreed to stay with the group for a “period thereafter” in an advisory capacity.
Having been instrumental in delivering the group’s IPO, Walden has also been involved in setting and executing its strategic ambitions, including the recent store expansion programme. By the time he leaves, he will also have overseen its supply chain transformation and technology change programmes.
ProCook said it believes it is in the best interests of the company to ensure the retention of Lee Tappenden as chief executive, and will be putting forward a new incentive scheme for approval at the AGM in September.
The company said it had consulted on the matter with a number of its largest shareholders, who had indicated they are supportive of the proposal.
ProCook has also announced that David Stead, senior independent non-executive director, will be standing down from the board once a suitable successor is appointed.
Greg Hodder, ProCook chairman, said: “On behalf of the board I would like to thank David for his excellent contribution which has been greatly appreciated over the last five years, and to wish him well in his upcoming retirement.
“I would like to take this first opportunity to thank Dan for his outstanding service over the last five years, during which he has made a huge contribution to the business over a period of significant change and growth.
“We are fortunate that we will continue to benefit from his expertise, energy and commitment to driving the business forward over the coming year, allowing us ample time to make a carefully considered appointment of his successor.”
Tappenden said: “Dan has been a great partner to me and has played a critical role in devising and executing across the group’s strategic priorities. Whilst we will be sad to see him go, it is testament to his commitment to the business that he has allowed ample time for us to appoint a successor and support us thereafter.”
He added: “The business is in great shape. We continue to trade in line with our expectations for the full year and to deliver significant strategic progress, including transitioning the operation of our distribution centre to DHL, going live with the first phases of our technology change programme, and executing our store expansion and new concept fit out programme.”
