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July 10th 2014
Management and Operational Update
Strengthened Leadership & New Divisional Operating Model to Accelerate Growth
· Group Finance Director…current Deputy FD, Gareth Wright, confirmed as Group FD
· Performance on-track…trading remains in line with expectations
· New Divisional Operating model…to increase customer and market focus
· Executive Management Appointments…to lead the new Divisional structure
· Strategic Growth Plan for 2015-2018…to be presented in the second half
Informa plc ("Informa" or the "Group"), is today announcing changes to its operating model and its Executive Management Team to position the Group for growth and scale.
Stephen A. Carter, Group Chief Executive, said:
"These changes follow the first phase of a comprehensive strategic review that was launched earlier this year. The review reassessed Informa's long-standing operating model and identified measures to build on Informa's existing strengths to unlock new growth opportunities. Our approach of 'Measured Change' in 2014 is working effectively to keep trading on track for the year. We are now taking steps to ensure the Group can deliver on its future growth potential."
Strategic Review and Divisional Operating Model
A comprehensive Strategic Review was launched earlier in the year. The Review considered the strength of Informa's market positions and the effectiveness of its fully distributed, geographical operating structure.
Phase One of the Review made the following key conclusions:
1. Strong market positions: Informa is well positioned in markets offering a mix of attractive growth and value opportunities.
2. Operating model: There is an opportunity to exploit these strong positions more effectively to capture the full benefits of scale and growth in each of these markets.
3. Scale-benefits: Academic Publishing is deriving scale-benefits from the systematic integration of key functions, but elsewhere across the portfolio progress on this is limited.
4. Capital management: More focused resource and capital allocation in priority markets would drive value for Informa.
5. Operating focus: Clear delineation of responsibilities between the divisional businesses and the Group centre would improve efficiency and performance.
Following this assessment, a new operating model will be implemented for the Group. It has been designed to reduce the complexity of existing business structures and reporting lines.
From 1 January 2015, the Group operating model will be structured and reported as four Divisions:
· Academic Publishing ("AP"): This division stays in its existing structure and form and will continue to be led by the current management team, headed by Roger Horton.
· Business Intelligence ("BI") will be managed as a single operating Division: Historically, BI has been managed as three independent operating units, each housing a subset of often disparate smaller units and product groups. A single Division, led by a newly-appointed Chief Executive, Patrick Martell, will allow us to operate the businesses more effectively around industry and customer verticals, to systematise key functions and fully leverage our scale. It will also enable us to have a more dynamic approach to continuing portfolio assessment.
· Global Events ("GE") will be managed as two separate operating Divisions: GE currently incorporates 15 independently managed events businesses, often overlapping in geography and sector exposure. Our intention is to create two separate operating Divisions:
· Global Exhibitions Division: We will consolidate all our transaction-oriented Exhibition and Trade Show assets into a single Division. This will create scale, allow us to exploit the strong growth dynamics of this market and accelerate our expansion within it through intensified geo-cloning activity and acquisitions. This Division will be led by a newly appointed Chief Executive from within Informa, Will Morris.
· Knowledge & Networking Division: Our numerous content-driven events, which we believe are fundamentally different to Exhibitions, will be combined into a single Division, to include all our training, learning, conference, advisory and congress businesses. It will create focus and alignment, and a more efficient structure for content development, product innovation and new launches. It will be led by newly-appointed Chief Executive, Andrew Mullins.
Strengthened Leadership Team
To implement our plans for improved Divisional operating focus and growth, Informa is strengthening its Executive Management Team with several new appointments.
Gareth Wright, the current Deputy Finance Director, is to become Group Finance Director, effective immediately, and to join the Board.
Gareth Wright, Group Finance Director, said:
"Having worked closely with Stephen over the past six months, I am confident that under his leadership and with the support of the Executive Management Team, we can successfully implement a strategic plan for growth and continue to improve the returns from our attractive portfolio of assets."
Stephen A. Carter, Group Chief Executive said:
Divisional Management Appointments
Following today's appointments, the four operating Divisions will be led by:
· Roger Horton, Chief Executive of Academic Publishing: Roger has been Chief Executive of the Academic Publishing Division for many years, delivering consistent growth and profitability throughout a period of digital evolution and dynamic structural change.
· Patrick Martell, Chief Executive of Business Intelligence: Patrick will join Informa from St Ives plc, where he has been Group Chief Executive for five years, leading the repositioning and successful turnaround of the business. Patrick will step down as CEO of St Ives plc at the end of July and joins Informa in the Autumn, following an agreed transition arrangement.
· Will Morris, Chief Executive of Global Exhibitions: Will has been managing some of Informa's largest Exhibition assets for a number of years, and previously held senior roles at Reed Exhibitions and Dubai World Trade Centre. His proven track record across many years in the industry, managing fast growth Exhibition operations, makes him the ideal person to lead our consolidated Global Exhibitions Division.
· Andrew Mullins, Chief Executive of Knowledge & Networking: Andrew will join Informa from The Evening Standard and Independent Limited, where he has been Managing Director for seven years, successfully managing the turnaround and relaunch of its Brands and Platforms. Andrew is expected to take-up his role at Informa in the Autumn.
Stephen A. Carter, Group Chief Executive, concluded:
"Today's appointments significantly strengthen our Executive Management capabilities, complementing the existing operating talent across the Group. This simplified structure, combining internal and external experience, will lead Informa as we finalise our strategic plan and deliver on our long-term growth objectives."
There are no further disclosures required in relation to Gareth Wright's appointment as a Director pursuant to paragraph 9.6.13 (1) - (6) of the UK Listing Rules of the Financial Conduct Authority.
Stephen A. Carter, Group Chief Executive
+44 (0) 20 7017 5771
Gareth Wright, Group Finance Director
+44 (0) 20 7017 7096
Richard Menzies-Gow, Head of Investor Relations
+44 (0) 20 3377 3445
+44 (0) 20 7269 7112
Notes to Editors
Executive Director Biography:
Gareth Wright, Group Finance Director
Gareth Wright joined Informa in 2009, as Deputy Finance Director, a role in which he was directly responsible for the majority of the Group's corporate functions, and in which he worked closely with the previous Group Finance Director. He has been working in the role of Acting Group Finance Director since 1 January 2014.
Before joining Informa, Gareth worked for National Express in a number of Head Office Finance roles, including Deputy Finance Director and a period as Acting Group Finance Director. Gareth trained with Coopers & Lybrand, now part of PwC.
Executive Management Biographies:
Roger Horton, Chief Executive..Academic Publishing
Roger Horton has been in academic and professional publishing for nearly 40 years, 19 of them with Taylor & Francis, the Academic Publishing Division of Informa, and the last 11 as CEO. Previously he was Publisher and Editorial Director for McGraw-Hill Europe, and in various sales and marketing roles at Thomson International.
Roger was one of the four executive directors that successfully floated T&F on the London Stock Exchange in 1998, serving on the plc Board until the merger with Informa in 2003. He has led the acquisition of numerous significant deals including Routledge and CRC Press, and is supported by a highly regarded executive team which, in aggregate, has total service at T&F of over 100 years.
Patrick Martell, Chief Executive..Business Intelligence
Patrick Martell first started working at St Ives plc in 1980. He was appointed a Director of Clays in 1994 and became its Managing Director in 2000.
Patrick joined the Board of St Ives plc in August 2003. Since then Patrick has held the positions of Managing Director - Media Products, then Managing Director - UK Operations and was appointed Group Chief Executive in April 2009.
Patrick is also a Non-Executive Director at RM plc, the providers of IT and services to schools and educational institutions.
Will Morris, Chief Executive..Global Exhibitions
Will Morris has nearly 30 years experience organising events, having held a number of senior management positions in the industry, most notably at Reed Exhibitions and the Dubai World Trade Centre, where he built up significant knowledge and experience of the Middle East exhibition market.
In 1998, he launched his own business creating niche start-up events, which could be acquired by larger organisations, including Intermedia, IM2 and the Superyacht Cup, which he sold to Informa in 1998. In recent years, Will has been managing some of Informa's largest exhibition assets around the world. He has led the expansion of the Group's exhibition portfolio through organic expansion, geo-cloning activity and via targeted acquisitions, including MMPI in Canada and China Beauty Expo.
Andrew Mullins, Chief Executive..The Knowledge & Networking Division
Andrew Mullins joined Lever Brothers (Unilever Plc) after graduating in Economics from Bristol University in 1986. In 1995 he joined United Distillers (Guinness Plc) and following the creation of Diageo in 1997, he became Global Brand Director and then MD of UDV Amsterdam.
In 2001, Andrew joined Times Newspapers, becoming General Manager in 2005. He joined Associated Newspapers (DMGT plc) in 2007 as Managing Director, Evening Standard and then in 2010, following its acquisition by Lebedev Holdings the previous year, Andrew also became MD of Independent Print Ltd, thereby heading up all of the Group's UK newspaper operations. Since then he has overseen the launch of newspaper, 'i' and London's new local TV channel, London Live, of which he is also CEO.
Andrew is also a Non-Executive Director of Which? Limited.
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