– UK, Guildford – The Gym Group (LON: GYM), the nationwide operator of 218 low-cost, high-quality, 24/7 no contract gyms, today announced the appointments to its Board of Elaine O’Donnell as an Independent Non-Executive Director, and Richard Stables as a Non-Executive Director, both with immediate effect.
“The Board is delighted to announce the appointment of Elaine and Richard to the Board, as the Board of The Gym Group evolves as we approach our 8th year as a listed business. They bring with them complementary skills and experiences as senior financiers in their respective careers, broadening and deepening the Board’s skillset as we move forward,” said Board Chair, John Treharne.
Elaine O’Donnell will join the Audit Committee as its Chair and the Nomination and Remuneration committees as a member, while Richard Stables will join the Nomination Committee.
The company also announced that Rio Ferdinand will step down from the Board.
About Elaine O’Donnell
Elaine O’Donnell is currently Chair of Games Workshop Group PLC and Chair of the Audit Committee and Non-Executive Director of On the Beach Group Plc. Elaine has also been appointed to the Board of SThree plc as Chair of the Audit & Risk Committee and Non-Executive Director from 1 October 2022. She was formerly a Non-Executive Director of Studio Retail Group PLC and Merseyside Special Investment Fund Limited (where she was also Chair of the Board of its wholly owned subsidiary Alliance Fund Managers). Elaine was previously a Partner at Ernst & Young and is a Chartered Accountant. Elaine has no current interest in The Gym Group shares.
About Richard Stables
Previously, Richard spent over 30 years as a corporate financier at Lazard and he is a Chartered Accountant. Richard is currently a Partner at Fulcrum Advisory Partners LLP (“Fulcrum Partners”), an independent advisory firm, and a Senior Advisor to Blantyre Capital (“Blantyre”), a c. 11.8% shareholder in the Company. The Board has determined that Richard is not considered independent for the purposes of The UK Corporate Governance Code. In this regard, the Board notes that, while Richard has not been appointed as a representative of Blantyre or any other shareholder and Fulcrum Partners has ceased to provide advisory services to Blantyre in relation to the Company, Fulcrum Partners is party to an incentive arrangement with Blantyre pursuant to which Fulcrum Partners is entitled to certain cash payments contingent on the share price of the Company achieving various price levels up to 600p per share, with a maximum cash value at those price levels equivalent to 305,641 shares in the Company.
For more information: https://www.thegymgroup.com/
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