AO WORLD PLC

Board/Management Information • Feb 22, 2017

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RNS Number : 5953X

AO World plc

22 February 2017

22 February 2017

Directorate Change

AO World plc

Steve Caunce to succeed John Roberts as CEO

John Roberts to take on new executive role

AO World plc (the "Company"), a leading European online electrical retailer, is pleased to announce that Steve Caunce, Chief Operating Officer, will succeed John Roberts as Chief Executive Officer.  John Roberts will transition to a new role on the Board as Founder, Executive Director.  Steve will lead the Company as CEO, accountable for strategy and performance delivery.  John will focus on innovation and inspiring AO's people.  Both will continue to be responsible for maintaining and developing AO's unique culture.

This transition in management roles reflects AO's rapid growth and success and the Board's succession planning work since IPO.   AO has evolved from being a domestic retailer in the UK in 2014 in a single category, to operating in the UK, Germany and the Netherlands today, selling more products from multiple categories.  The new management structure, which takes effect immediately, will ensure that AO can capitalise on the team's strengths as it continues to grow.    Both John and Steve remain fully committed, long-term investors in AO World.

Geoff Cooper, AO Chairman, said:

"We are delighted that Steve is succeeding John as CEO of AO, in a natural evolution of our executive team.  Steve has been a key part of the business for more than a decade, most notably overseeing our recent move into Germany and the Netherlands.  John's move reflects the successful management transition as we build on John's entrepreneurial roots in the AO business that he founded.  John's new role will enable him to continue to play to his strengths as an innovator and a visionary leader. Steve and John remain very much a partnership and together they will ensure that AO continues to deliver for customers, colleagues, suppliers and our investors."

John Roberts, AO Founder, said:

"I am as committed as ever to AO, both as an executive and as an investor, and remain hugely excited about the future of this fast-growing business. Against the backdrop of our rapidly changing marketplace, my role will be to ensure that AO is even better placed to deliver for our customers and to be one of the most exciting places to work.  I am immensely proud to be handing over the CEO reins to Steve, who has been with me on the AO journey for more than 10 years.  This is the right time for this change - for AO, for Steve and for me - and I look forward to continuing to work closely together."

Steve Caunce, AO Chief Executive Officer, said:

"I am looking forward to leading AO as its CEO.  AO is an exceptional business and as CEO, working as closely as ever with John and with the whole team, I am focused on our mission to become the best electrical retailer in Europe.  We will continue to do things the 'AO Way' - building our brand by offering consumers the very best customer experience, based on great choice, price and service. Our unique culture means that the passion of our people has never been stronger as we change the way Europe buys its electricals, simply by caring more and executing brilliantly."

Enquiries:

AO World plc

Julie Finnemore

Company Secretary

Tel: +44(0)1204 672400

Tulchan Communications

Susanna Voyle

Michelle Clarke

Tel: +44(0) 20 7353 4200

Notes to Editors:

John Roberts (Age 43)

John Roberts founded AO in 2000. Since then he has led the business as Chief Executive Officer. He currently owns 25.94% of shares in AO.

Steve Caunce (Age 48)

Steve joined AO as Chief Financial Officer in October 2005 and quickly took on wider operational responsibilities, becoming Chief Financial Officer and Chief Operating Officer. In July 2015 he was succeeded as Chief Financial Officer by Mark Higgins allowing him to take on further responsibilities under the COO title. Prior to joining AO, Steve was Finance Director with Phones 4U between 2001 and 2003 and held senior positions at Mytravel and Preston North End. He holds a degree in Mathematics and is an associate of the Institute of Chartered Accountants of England and Wales. Steve currently owns 12.17% of shares in AO.

This information is provided by RNS

The company news service from the London Stock Exchange

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