Hostmore plc confirmed, as previously indicated, Neil Johnson's intention to retire from the Board at the end of the AGM on 27 May 2022. As Electra's Chairman, Neil initiated and oversaw the successful realization strategy of Electra including the Hostmore demerger, at which time he became Hostmore's Chairman. Furthermore, Hostmore announced the appointment of Gavin Manson to succeed Neil as Non-Executive Chairman of the Board with effect from the end of the AGM on 27 May 2022, subject to Gavin being elected as a director at the AGM.

Gavin Manson is currently a Non-Executive Director of Hostmore and a member of both Hostmore's Audit and Risk Committee and its Remuneration Committee. He has extensive experience in the leadership of consumer businesses in the UK and internationally in both executive and non-executive roles. Until January 2022, he was Chief Financial and Operating Officer of Electra, where he led the execution of Electra's realisation strategy.

This included appointing a new management team at Hostmore's core brand, Fridays, and, with them, successfully turning around Fridays and developing the strategy for a new hospitality business under the Hostmore name. He guided and supported the newly formed Hostmore executive team through the Covid-19 pandemic, as well as the early stages of executing the new Hostmore strategy and its demerger from Electra in November 2021. Assuming Gavin becomes Hostmore's Chairman, he will also assume the position of Chair of Hostmore's Nominations Committee and become a member of its Disclosure Committee.

At this point, Gavin will cease to be a member of both Hostmore's Audit and Risk Committee and Remuneration Committee. Gavin is not viewed as being independent for the purposes of Provision 9 of the UK Corporate Governance Code due to his previous role at Electra but the Board believes that his appointment, subject to election as a director at the AGM, as Hostmore's Chairman is in the best interests of both Hostmore and its shareholders given the importance of continuity of stewardship to Hostmore as a newly listed company and the experience and knowledge that Gavin will bring to the role. By stepping down from Hostmore's Audit and Risk Committee and Remuneration Committee, on becoming Hostmore's Chairman, it will bring Hostmore into line with the requirements of the UK Corporate Governance Code that each of those Committees should only comprise independent Non-Executive Directors.