On the Beach Group CEO Simon Cooper, who founded the UK-based beach holidays online travel agency in 2004, will resign his post within the next 12 months, and Chief Financial Officer Shaun Morton will take over the CEO duties, the company announced.
The precise timing of the transition, according to the company, depends on recruitment of a new chief financial officer to assume Morton’s current duties. The board hired an external team to assist in that search.
On the Beach Group credits Morton with helping to guide the company through the Covid pandemic, playing a lead role in strategic investments in brand marketing and technology, and striving to win market share in luxury and long-haul trips, and making inroads in the Group’s business-to-business initiatives.
Cooper, who remains a major shareholder in the company, will take a board seat and stay actively involved in the business, On the Beach stated. Cooper increased his shareholding in August.
On the Beach Group didn’t cite a specific reason for Cooper’s relinquishing his CEO duties.
The announcement coincided with the company’s release of its fiscal 2022 preliminary results. The fiscal year ended September 30.
For the year, On the Beach Group, which is a publicly traded company in London, recorded profit before taxes of £2.1 million ($2.6 million) in fiscal 2022 compared with a loss a year earlier of £18.4 million ($22.5 million).
“Notwithstanding the emergence of Omicron and the disrupted airline schedules this summer, revenue was up 3 percent versus fiscal year 2019,” the company’s announcement stated.
On the Beach stated it is uncertain how the “cost of living crisis” will sway consumer behavior, adding that the company is well-positioned entering fiscal year 2023.