Wagamama owner Restaurant Group's chairman to step down -Sky News
Reuters
Published Sep 07, 2023 21:34
Updated Sep 07, 2023 22:26
(Reuters) -Ken Hanna, the chairman of Wagamama owner Restaurant Group, will step down after months of pressure from activist investors, Sky News reported.
Hanna has informed the board of his intention to step down once a successor is identified, the report said, adding that his departure could be announced as early as Friday.
"Ken clearly wants to avoid a prolonged and distracting dispute with Oasis when the company's just reported a sector-leading set of results and another (profit) upgrade," a person familiar with the matter told Sky News.
Britain's Restaurant Group, the owner of chains including Wagamama and Brunning & Price, declined to comment on the report when contacted by Reuters.
The London-listed company has been the target of activist shareholders Oasis Management and Irenic Capital Management that have urged governance and management changes.
The company on Wednesday posted an increase in first-half earnings and said it expects its annual profit to rise.
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Written By: Reuters
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