Edison recently met with Richard Heading, who joined Braemar plc (LON:BMS) as CFO on 29 June 2026. He fills the vacancy created when former CFO Grant Foley stepped up to become CEO on 2 July 2026.
Our first meeting with Mr Heading was positive. We believe his experience is highly complementary, and his views and messaging entirely consistent with the strategic plan, further supporting execution. Following the 2 July positive trading update, the next catalyst for the company is the half-year results in November. Our earnings-based 370p valuation implies almost 70% upside, supported by a clear strategic plan to 2030. The main risk is execution, with additional risks including changes in the macroeconomic and geopolitical backdrop and movement in chartering rates.
Until 31 March 2026, Mr Heading held the roles of CFO and chief risk officer at Record, the LSE-listed specialist currency and asset manager. Prior to Record, Mr Heading spent more than five years at IG Group Holdings, in the senior managerial
role of group finance director, and 15 years at Willis Towers Watson, where he progressed to CFO roles. We believe Mr Heading’s experience is complementary for Braemar, with Record and IG both providing overlap with Braemar’s growing
securities business, while his time at Willis provided exposure to insurance, which, similar to marine insurance and shipbroking, is a relationship-driven broking business. Mr Heading met the Braemar leadership team prior to joining and is
impressed with the enthusiasm within the company, the strong support for Mr Foley’s transition to CEO and the generally positive internal atmosphere.
