Denis Wormwell, 55, has resigned as CEO of Shearings Leisure Group, the specialist operator of escorted tours and leisure hotels. He leaves on 31 December “to pursue a non-executive career.”
Group CFO and Deputy CEO Gary Speakman will become Interim CEO until a replacement is announced next year. The recruitment process started this week.
Mr Wormwell, who joined the business a decade ago, led the management buyout of the business from 3i in 2014 and its sale to Lone Star Funds earlier this year.
Says Mr Wormwell: “The past months have seen us working alongside our new shareholders to outline the growth strategy going forward and now is the perfect time to hand over the leadership baton for my successor to take it on to the next stage.
“Nine years is a long time as CEO and I feel I have achieved everything that I set out to do.
“I am delighted to be leaving the role with the business in a strong position.
“I am looking forward to embarking on a non-executive career, adding to the two non-executive positions I hold already."
Earlier this year, the Group announced its third successive year of growth in revenues, profits and passenger numbers on the back of strong demand for UK holidays. It said trading in the current financial year was also ahead of last year.