BikeExchange Limited advised that Mark Watkin has resigned as Global CEO of BikeExchange, effective immediately. He will remain with the company in the short term to ensure a smooth handover of his responsibilities. The Board of Directors acknowledge and appreciate the significant contribution Mark has made during his five years of service. His dedication to the role has been unwavering and the Board wishes him every success in the future. The process to appoint a permanent CEO will commence immediately. In the meantime Sam Salter, a Co-Founder of BikeExchange and current Board member, will be acting CEO. His innate knowledge of the company and wider bicycle industry positions him well to see the business through this next phase. Sam will continue to have a focus on driving strategic partnerships with major industry brands. Sam's remuneration package, which is set out in Annexure A, is unchanged from his existing arrangements whilst in the role of acting CEO. Aligned with the rollout of the Group's new operating model, which has been disclosed previously, Ryan McMillan has been promoted to Chief Operating Officer (COO). Ryan has been with BikeExchange for over ten years and founded the company's European region. He is deeply attuned to every element of the BEX business. Execution of the new operating model has commenced,
including significant reductions in employment costs.