CVS Group plc (LON:CVSG), the UK listed veterinary group and leading provider of veterinary services with operations in the UK and Australia, has announced that Richard Fairman has informed the Board of his intention to retire from the Board and his role as Chief Executive Officer for personal reasons. Under Richard’s leadership, CVS has delivered sustainable growth alongside successful international expansion into the Australian market, reached the conclusion of the CMA process and moved to the Main Market of the London Stock Exchange alongside FTSE 250 index inclusion.
Richard will remain in post until a successor is appointed, to ensure an orderly transition, and he will continue to drive the business forward in the meantime. The Board will initiate an executive search process to identify a successor to lead CVS through its next phase of growth.
On behalf of the Board, David Wilton, Chair of CVS Group, said:
“Since joining CVS in 2018 as CFO and assuming the role of CEO in 2019, Richard has led the Group through a period of significant strategic progress in support of its purpose to provide the best possible care to animals. Under Richard’s leadership, CVS has built a culture centered on clinical excellence, strengthened its position as veterinary employer of choice and delivered sustainable growth alongside successful international expansion into the Australian market. During Richard’s tenure, the Group has grown to c.9,000 employees including c.2,500 vets and 3,300 veterinary nurses and patient care assistants across c.475 practices and EBITDA has nearly tripled. Richard also guided the business with integrity and clarity through to the conclusion of the CMA process and, during the same period, oversaw the Group’s step-up to the Main Market of the London Stock Exchange and its subsequent inclusion into the FTSE 250 index.
“On behalf of the Board and everyone at CVS, I would like to take this opportunity to thank Richard for his commitment over the past eight years and recognise the significant contribution he has made to the Group. As Chair, I look forward to continuing to work with him over the coming months and to ensure an orderly hand over to his successor in due course.”
Richard Fairman, CEO of CVS said:
“It has been a privilege to lead such a talented team of people and I am proud of the part I have played in helping shape CVS into one of the UK’s largest veterinary groups. Whilst I will be stepping down for my own personal reasons, I remain firmly committed to supporting the business and ensuring continuity as the search for a successor begins and an appointment is made. With clarity provided by the CMA outcome, a rapidly expanding presence in Australia and a growing UK business with acquisitions back on the agenda, I believe the outlook for CVS is positive and the Group is well-positioned to attract a high-calibre successor.”
