Chairman of Wagamama owner TRG Resigns for Personal Reasons
Ken Hanna, chairman of The Restaurant Group (TRG), the owner of Wagamama, has announced that he will be stepping down from his position due to personal reasons. The decision comes after pressure from investors who were dissatisfied with the company’s performance.
TRG, which also operates Frankie & Berry’s and Chiquito, confirmed that Hanna will not seek re-election at the next annual general meeting in January 2024. In July, Adam Katz, co-founder and CEO of Irenic Capital, called for Hanna’s resignation, accusing him of favoring certain shareholders and disregarding the principle of equal treatment for all shareholders.
Hanna is not the only board member facing backlash from investors. TRG CEO Andy Hornby has been under significant pressure due to the company’s weak long-term share price and four consecutive years of losses. Last year, over 45% of voting investors, including Irenic Capital and Oasis Management, opposed The Restaurant Group’s pay report, which awarded Hornby £792,000.
In addition, nearly 16% of shareholders voted against Hornby’s reappointment to the board, and almost a quarter opposed the reappointment of Ken Hanna as chairman and Zoe Morgan as head of the remuneration committee.
Hanna expressed his gratitude for the opportunity to work at TRG and stated that he is leaving the company in a strong position with positive performance and progress on strategic options. Hornby thanked Hanna for his exceptional contribution to the business during a critical period of recovery from the Covid pandemic.
TRG recently reported a statutory pre-tax profit of £2.3 million for the six months ending on July 2, compared to a £28.5 million loss in the same period last year. The company’s profitability was supported by lower impairment charges and strong trading performance, resulting in a 10% increase in turnover to £467.4 million.
The announcement of Hanna’s resignation has coincided with a rise in The Restaurant Group’s share price, which was up 6.56% to 47.10p in morning trading on Friday.
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