Bradley out, Bellamy in as chair of The Works

27th Jun 2024 09:58

(Sharecast News) - Arts, crafts, toys, books, and stationery The Works announced a change in leadership on Thursday, with Carolyn Bradley stepping down as chair and independent non-executive director on 15 July.

The firm said Steve Bellamy had been appointed as her successor, and would join the board on the same date.

Bradley had served as Chair of The Works for the past three years, guiding the company through a recovery phase following the Covid-19 pandemic and a cybersecurity incident in April 2022.

Under her leadership, the firm said it had solidified its market position, enhanced its brand, and executed a 'better, not just bigger' growth strategy.

Her tenure also saw The Works' successful transition to the AIM market, a significant cost base reset, and a restructuring of the operational board.

Steve Bellamy would meanwhile bring experience from his roles as chair and non-executive director in various public and private companies.

He currently serves as the senior independent director and chair of the audit committee at Caffyns, as well as independent non-executive director and chair of the audit committee at Empresaria Group.

Bellamy's background included previous roles with Advanced Medical Solutions Group, Michelmersh Brick Holdings, Becrypt and Concirrus.

He also had experience as chief operating officer and finance director of Sherwood International, and is a Chartered Accountant.

On his appointment, Bellamy would take on the role of chair of the nomination committee and would also become a member of both the remuneration and audit committees.

"I am incredibly grateful to Carolyn, who has been a huge support to the business, to colleagues and to me personally in recent years," said chief executive officer Gavin Peck.

"Her guidance has been invaluable during a period of significant change at The Works and on behalf of all colleagues, we wish her well for the future."

Peck added that he looked forward to working with Bellamy as the new chair, building on positive commercial and operational momentum.

"With the cost saving action taken in recent months and Steve's extensive experience in driving operational improvements and shareholder value, I am confident we will deliver significant profitable growth in the years ahead."

At 0923 BST, shares in TheWorks.co.uk were up 5.6% at 24.5p.

Reporting by Josh White for Sharecast.com.