31 Jan 2006
Board changes at Egg
The Board of Egg plc (“Egg”) today announces that Paul Gratton, Egg’s Chief Executive, will leave Egg with effect from 20th February following Egg’s delisting from the London Stock Exchange. Mark Nancarrow has been appointed CEO and assumes executive responsibility with immediate effect and Kieran Coleman has been appointed Chief Financial Officer. Paul is committed to achieving a comprehensive handover as well as completing the delisting process.
Paul Gratton said
“Building Egg to become the successful business it is today has been an immense and rewarding challenge. However, the acquisition of the minority and the proposed delisting of Egg presents an opportunity for Egg to have someone new at the helm. I would like to thank the excellent team that has worked with me over the past ten, exciting years and also all Egg People who have shown unstinting loyalty to me and the company, in particular during the uncertainty of Egg’s future over the past two years. Mark has been an integral part of Egg’s success over the last eight years and has a great grasp of the business and its potential and I wish him every success as he takes over the reins.”
Roberto Mendoza, Chairman of Egg, said
“We are very sad to learn from Paul that he has decided, in conjunction with discussions he has been having with Prudential, that it is now time for him to leave Egg. He has served not only the company and the Board with distinction but also has been one of the few people in the financial services industry who has changed the market and genuinely helped consumers get a better deal and service than is usually available. We will miss his passion and commitment in championing a better deal for consumers, and speaking for myself and fellow Board members, we will miss his valuable contribution to Egg but thank him most sincerely for turning Egg into the profitable business of scale it is today.”
Mark Nancarrow, 45, who was previously Egg’s Chief Financial Officer, will report to Nick Prettejohn, Chief Executive of Prudential’s UK Insurance Operations. Nick will also join the Egg Board.
Mark became Egg’s CFO in May 2005 having previously served as the Egg Group Managing Director of Banking, from October 1999 and, since 2000, as Egg's Chief Operations Officer. Prior to joining Egg in 1998, Mark held senior positions at Midland Bank and Watson Wyatt Partners.
Kieran Coleman, 36, has been Finance Director of Egg since October 2004. Previously he was Group Financial Controller and Head of Investor Relations following Egg’s IPO in 2000. Prior to joining Egg in 1996, he worked with Arthur Andersen in Dublin. He becomes Chief Financial Officer and joins the Board of Egg plc with immediate effect.
Mark Nancarrow said:
"I am delighted to take on the Chief Executive role at this exciting time in Egg’s development. There is huge potential for Egg and Prudential’s UK businesses through greater collaboration, as Prudential builds its offering in retail financial services. I am looking forward to working with Nick and the UK management team to deliver strong, profitable growth."
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Notes to Editors
Mark Nancarrow became Egg’s Chief Financial Officer in May 2005 having been Egg's Chief Operations Officer, accountable for its UK business, since 2000. He served as the Egg Group Managing Director of Banking, from October 1999. Prior to joining Egg in 1998, Mark held senior positions at Midland Bank and Watson Wyatt Partners. He holds a Degree in Law and Accountancy from Cardiff University.
Kieran joined Prudential Banking plc in June 1996 and was appointed Financial Controller in January 1997. He successfully led the team working on the Egg IPO in June 2000 following which he became Group Financial Controller and Head of Investor Relations. In October 2004 Kieran was appointed Egg’s Finance Director. Prior to joining Prudential he worked for Arthur Andersen in Dublin.
There are no disclosures in respect of Listing Rule 9.6.13 required in respect of Kieran becoming a director of Egg plc.
Prudential announced on 1 December 2005 the terms of a recommended offer for the whole of the issued and to be issued shares of Egg not already owned by Prudential Group, representing approximately 21.7 per cent of the existing issued share capital of Egg.
On 23 January 2006, Prudential announced that the Group’s share ownership of Egg had risen to 95.7 per cent of the entire issued ordinary share capital and that it had applied to delist Egg from 20 February 2006.