Gear4Music retunes with leadership shake-up
The founder of Gear4Music is to become executive chairman in a major leadership reshuffle at the online retailer.
Andrew Wass created the musical instruments and music equipment business in 2003, which then floated on the Alternative Investment Market in 2015.
It is the largest UK-based company of its type, and has just revealed it generated sales of £144m in the year to March.
Net debt has halved, to £7.3m and ahead of market expectations, while it expects its adjusted pre-tax profits to be around £1.3m.
He said: “I look forward to spearheading our strategic initiatives, overseeing the advancement of our bespoke e-commerce platform and continuing to provide support to our team and stakeholders.”
Chairman Ken Ford and non-executive director Dean Murray, who have been on the board since the IPO, are to step down as they reach the nine-year point.
Wass is to move from chief executive to executive chair of the York-based retailer, with the company’s chief commercial officer Gareth Bevan stepping up to chief executive.
Neil Catto, recently appointed as CFO of Revolution Beauty Group Plc and former CFO of online fashion retailer Boohoo, will join the board as its senior independent director.
Reflecting on his tenure, Ford said: “This period has seen remarkable growth. There have been challenges to overcome along the way but, today, our business stands significantly stronger, a testament to the collective efforts and dedication of our entire team.
“With the newly restructured board, I am confident that their diverse skills and experience will continue to drive transformative change.”
