Wagamama owner Restaurant Group said on Friday chairman Ken Hanna will step down after months of pressure from activist investors to change its management and improve profitability.
Hanna, who took over as the group's chairman at the start of January 2022, will remain its chair until a successor is appointed.
He had also held the role of chairman at car dealer Inchcape and equipment rental firm Aggreko.
Activist Shareholders
The Restaurant Group management has come under fire from activist shareholders Oasis Management and Irenic Capital Management seeking changes at the company, whose shares lost two-thirds of their value last year.
Hanna informed of his intention not to seek re-election at the group's next annual general meeting in 2024 due to personal reasons, the company said in a statement.
'Critically Important Period'
"A hugely valued colleague during a critically important period for TRG as we have successfully recovered from the Covid pandemic and made good progress with our strategy," CEO Andy Hornby said.
Outlook
Restaurant Group said on Wednesday it expects annual profit to be higher after posting an increase in first-half earnings helped by more people dining at its outlets.
The group indicated that consumers are willing to spend at restaurants and pubs despite a cost of living crisis, but an uncertain economic environment is continuing to pose challenges for the hospitality sector.
The group, which did not mention a range for its profit expectations for the year, said cost outlook for the medium term continued to improve.
Article by Reuters, additional reporting by Hospitality Ireland.
