Spire Healthcare Group PLC CFO transition

RNS Number : 8751E

Spire Healthcare Group PLC

29 February 2024

 

Spire Healthcare Group plc

 

('Spire Healthcare', 'the Company' or 'the Group')

 

Spire Healthcare Group announces CFO transition

 

29 February 2024

 

Spire Healthcare Group Plc (LSE: SPI, the "Company" or "Spire Healthcare") today announces that after five years, Jitesh Sodha has decided to step down from the Board and as Chief Financial Officer ("CFO") in order to focus on the next phase of his career to build a portfolio of non-executive director roles. Jitesh will step down from the Board following the Annual General Meeting, to be held in May 2024, following which he will continue in the business reporting to Justin Ash, Chief Executive Officer until February 2025 to ensure a smooth transition for the Company and to support a number of strategic initiatives and projects.

 

The Board is pleased to announce that Harbant Samra, currently Deputy CFO for the Company, will be appointed CFO when Jitesh steps down from the Board.

 

Harbant joined Spire Healthcare in 2018 as a Group Financial Controller and became Deputy CFO in 2022. Prior to this, he was at Lloyds Banking Group for seven years, latterly as a Finance Director, and at Deloitte for fifteen years in its UK audit and advisory practice.

 

Justin Ash, Chief Executive Officer, said:

"Since joining Spire in 2018 Jitesh has led a transformation in our financial performance, sales of two businesses and three acquisitions, navigating us through the pandemic period with a strong profit recovery and restructuring our balance sheet so our leverage is the lowest it has been since we listed.

 

I wish to thank Jitesh for his significant contribution. Spire would not be in the great place it is today without his leadership and I am sure many of you will wish to extend your good wishes to Jitesh as he embarks on the next stage of his career.

 

I am pleased that Harbant has accepted the role of CFO. His financial, commercial and operational experience, as well as knowledge of our business as both the current Deputy CFO and former interim CFO, make him well placed to take up this position and we look forward to continuing to deliver the Company's strategic objectives."

 

Sir Ian Cheshire, Non-Executive Chairman, said:

"I want to express our deep gratitude for the significant and valuable role Jitesh has played during his time here in helping to build Spire into a leading independent healthcare group. While we are sorry to see him go, we wish him well in the next phase of his career.

 

I also look forward to having Harbant on board as CFO and working with him to further Spire Healthcare's mission of making a positive difference to people's lives through providing outstanding personalised care."

 

There is no further information required to be disclosed pursuant to LR 9.6.13R.

 

- Ends -

 

For further information please contact:

 

Spire Healthcare

Angus Prentice - Director of Investor Relations            [phone]

 

Instinctif Partners

Damian Reece                                                               [phone]

Guy Scarborough                                                          [phone]

 

Registered Office and Head Office:

 

Spire Healthcare Group plc

3 Dorset Rise

London

EC4Y 8EN

Registered number 09084066

 

 

About Spire Healthcare

 

Spire Healthcare is a leading independent healthcare group in the United Kingdom, with 39 hospitals and over 50 clinics, medical centres and consulting rooms across England, Wales and Scotland. It operates a network of private GPs and provides occupational health services to over 800 corporate clients.

 

Working in partnership with over 8,600 experienced consultants, Spire Healthcare delivered tailored, personalised care to over one million inpatients, outpatients and daycase patients, and occupational health programme clients, in 2023, and is the leading private provider, by volume, of knee and hip operations in the United Kingdom. It also delivers a range of private and NHS mental health, musculoskeletal and dermatological services.

 

Spire Healthcare's well-located and scalable hospitals have delivered successful and award-winning outcomes, positioning the group well with patients, consultants, the NHS, GPs and Private Medical Insurance ('PMI') providers. 98% of Spire Healthcare's inspected locations are rated 'Good,' 'Outstanding' or the equivalent by health inspectors in England, Wales and Scotland.

 

Spire Healthcare is listed on the London Stock Exchange and is a member of the FTSE 250.

 

Further background

 

Harbant joined Spire Healthcare in 2018 as a Group Financial Controller and became Deputy CFO in 2022 and having also acted as interim CFO in 2022. Prior to this, he was at Lloyds Banking Group for seven years, latterly as a Finance Director, and at Deloitte for fifteen years in its UK audit and advisory practice. Harbant's financial, commercial and operational experience, as well as knowledge of Spire's business, makes him well-placed to succeed Jitesh Sodha as the new CFO in order to support the continued delivery of the Company's strategic objectives.

 

Jitesh Sodha will be treated in accordance with Spire Healthcare's shareholder-approved Directors' Remuneration Policy. Given his contribution to the Group since his appointment in 2018, Jitesh will be treated as a good leaver. Full details will be disclosed in the relevant Directors' Remuneration Report.

 

Harbant Samra will receive a salary of £380,000 with all other elements of his future remuneration package in line with the Directors' Remuneration Policy. Harbant's base salary has been set below his predecessor. It is the Remuneration Committee's intention to keep his salary under review in future years to ensure it continues to reflect his experience and development in role.

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