WAS1 Wasps 22

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RNS Number : 9239D

Wasps Finance PLC

02 May 2017

Wasps

Directorate change

David Armstrong stepping down as Group CEO to be succeeded by Nick Eastwood

David continues as Non-Executive Director

Wasps, an English professional rugby union club and owner of the Ricoh Arena in Coventry, one of the UK's leading sports, exhibition, conferencing and events arenas ("the Club"), today announces that David Armstrong, Group CEO, will be stepping down in June, at the conclusion of the rugby, netball and concert seasons. David will remain on the Board of Wasps as a Non-Executive Director. Deputy Chairman, Nick Eastwood will take on the role of Group CEO following David's departure.

Derek Richardson, Wasps' Chairman, commented:

"David's impact on Wasps has been huge, from leading the original purchase of the Ricoh Arena and the Club's relocation to Coventry, to the launch of our Retail Bond, the redevelopment of our hotel, developing our new fanbase at the Ricoh and the launch of Wasps Netball. On behalf of the Board, I would like to thank him for the tremendous impact he has had on the Club. He leaves the business and management team well positioned to continue its growth and we will continue to benefit from his expertise as he continues to serve on the Board.

"I am delighted that Nick [Eastwood] will be taking on the role of Group CEO. He has been at the heart of the Club for the last five years and played a crucial role in its transformation. His experience in rugby, operations, strategy, finance and at Twickenham which is a multi- purpose venue, means that he is uniquely qualified for the role and I have every confidence in our future under his leadership."

David Armstrong, said:

"It has been a tremendous privilege to work with Wasps for the past three years during a period of dramatic change and growth. There is no doubt that Derek Richardson and the Board are building a powerful long-term platform to take the Club to great heights in the years to come. Wasps will always have a very special place in my heart and I would especially like to thank the Wasps and Ricoh Arena staff for all their tremendous hard work and support. I look forward to continuing to work with the Club in my capacity as Board member, while still enjoying trips to the Ricoh to support the teams."

-End-

Notes to Editors:

Nick Eastwood joined Wasps as chief executive in 2012 on the back of a hugely successful 12-year spell with the RFU (Rugby Football Union), where he helped to grow the RFU's net worth from GBP35m to GBP180m and profits from a loss of GBP5m to profit of GBP15m, while playing a key role in steering the governing body through an economic downturn.

Prior to his role with the RFU, the ICAEW-qualified accountant and Oxbridge graduate spent five years with The Body Shop International PLC as its Global Head of Corporate Services, and has previously held senior management roles at Lifetime Corporation USA and then at powerhouse accounting firm Arthur Andersen.

This information is provided by RNS

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