Britain’s biggest tile retailer has announced the appointment of Paul Forman as its next chairman, replacing Darren Shapland. Mr Shapland is nearing the end of his maximum term under corporate governance rules, having been in post for nine years.
The announcement comes a few months after management overcame a bid by Topps’ biggest shareholder to get rid of Mr Shapland and bring in their own two board members. The Leicester-headquartered retailer won overwhelming support at its AGM to defeat the changes proposed by Austria-based investor MS Galleon GmbH (MSG) – which owns almost 30 per cent of shares in the tile retailer.
Topps Tiles had previously said MSG wanted more control in order to supply it with more stock from its own tile maker Cersanit.
Paul Forman will join the board on July 1, and succeed Darren Shapland as chair at the start of the company's new financial year on October 1.
Mr Forman is an experienced director of both listed and private equity-backed businesses, in executive and non-executive roles.
He has been chief executive at three FTSE250 businesses – Essentra PLC, Coats Group PLC and Low & Bonar PLC – and was a non-executive director of Brammer PLC. He is currently senior independent director at Tate & Lyle PLC and chair designate at FSI, the private equity-backed flavours and fragrances business.
Outgoing chairman Darren Shapland said: "I'm delighted that we have secured an individual of Paul's calibre as Chair Designate.
“His strong track record, both as a PLC executive and non-executive, will be of great benefit to Topps as the business builds on its market leadership position and continues to develop and expand in the years ahead.
“Paul will be a strong addition to the Topps team and I look forward to working with him on an orderly handover of responsibilities in the coming months."
Paul Forman said: "Topps is a business with a clear strategic focus and a strong proposition for both consumer and trade customers.
“The group has come through the pandemic in good shape, with a robust balance sheet and a strong executive team, and the opportunities ahead are exciting as it continues to grow its share of the UK market for tiles and associated products.
“I look forward to working with the board and the senior management team as we build on these strong foundations."
Last month it was announced that Mr Shapland was becoming a non-executive director at Greater Manchester-headquartered JD Sports.
He has previously been the CEO of Carpetright and CFO of Sainsbury's, Superdrug and a number of divisions of The Burton Group Plc.
