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Hornby announces board changes

Hornby, the toy and model specialist, has confirmed that its interim chairman David Adams is to formally step down from the board on 31 December.

GENERAL MERCHANDISE

Hornby announces board changes

Hornby has previously announced that Adams would be departing to take up another appointment.

Following Adams’ departure, Hornby chief executive Lyndon Davies will become interim executive chairman and chief executive while the search for an independent non-executive chairman continues.

Hornby also said it has been mutually agreed that David Mulligan, currently Hornby’s chief financial officer and company secretary, will also step down from the board on 31 December. This follows a recent a strategy review and the successful completion of refinancing.

Mulligan will be succeeded by Kirstie Gould who has worked with Hornby for over two years. She will be stepping up from her current role as a consultant in the finance department.

After qualifying as a chartered accountant with PricewaterhouseCoopers in 1997, Gould has held senior management and directorship roles across a range of high growth SME firms including Affini Technology and Gamma Communications.

In a further announcement, Hornby said it intends to appoint John Stansfield as an independent non-executive director. Stansfield is a qualified accountant and spent 31 years with the company, 12 of which were as group finance director.

Martin George, Hornby senior independent director, said: "The board would like to thank David Adams for his contribution to the group over the past four years and his recent leadership as chairman. I would also like to thank David Mulligan for his commitment over the past 18 months during a period of significant change for the business and for his successful delivery of the recent equity fund raising and bank refinancing. Both leave Hornby with our very best wishes for their respective futures.

“The board is delighted to welcome John and Kirstie to the board and look forward to their contribution to the next stage of the turnaround process."

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