UK. Leading travel food services company SSP Group announced today that Simon Smith has advised the Board of his intention to step down as Group Chief Executive Officer. The company said he will pursue a new opportunity at a private equity-backed business.
Smith is expected to leave the Group at the end of the year. In the intervening period SSP said he will continue with his existing responsibilities and support an orderly transition.
SSP will now search for Smith’s successor, noting that it will consider both internal and external candidates.
As reported, the SSP Group’s Interim Results published on 9 June show that the business has begun to see a recovery in passenger demand, led by domestic and leisure travel, most notably in North America.
The company said current trading is in line with expectations, with third-quarter sales at 27% of 2019 levels, and sales in the most recent week at 42% of 2019 levels, compared with 30% at the beginning of June.
The outlook for the rest of the financial year remains unchanged, it noted.
SSP Group Chairman of the Board Mike Clasper said: “Throughout the past 16 months, Simon and our executive team have done an excellent job in steering SSP through the enormous challenges presented by the pandemic, acting very rapidly to protect the business and its cash flow, create a more flexible operating model and strengthen the balance sheet.
“SSP has a very clear strategy and significant competitive strengths, placing it in an excellent position to take advantage of the many opportunities for growth that will be presented by the recovery in the travel sector.”
