Online travel giant undergoes board reshuffle
Online travel agency On the Beach has undergone a board reshuffle with Richard Segal stepping down as non-executive chairman.
The Cheadle-headquartered firm announced that Segal, who has held the position since October 2013, will eventually be succeeded by Lee Ginsberg, currently senior independent non-executive director, at a date yet to be confirmed.
At that time, David Kelly will become senior independent director, it said in an announcement to the London Stock Exchange.
Ginsberg and Kelly have both served on the board of the company throughout its life as a listed entity. Its nomination committee is now looking to recruit a new non-executive director.
"I would like to take this opportunity to thank Richard for his counsel and guidance over the last five years,” said chief executive Simon Cooper.
“He led the group through a period of strong change and growth, as both a private and listed business, and the board wishes him well in his future endeavours."
In the 12 months to September 2017 the group's UK revenue grew by 17 per cent, a year in which it acquired rival Sunshine.co.uk for £12 million.
On the Beach said Segal will continue to be paid during the transition phase, but will not receive any payments for loss of office or other remuneration after he ceases to be a director.