Shares of CVS Group Plc (LSE:CVSG) declined about 2.6% on Monday after the company revealed that Chief Executive Officer Richard Fairman plans to step down for personal reasons.
Fairman, who joined the veterinary services provider in 2018 as chief financial officer and was promoted to CEO in 2019, will remain in his role until a replacement is appointed in order to facilitate a smooth leadership transition. The board said it will begin a formal search process to identify the next chief executive for the UK-listed company.
During Fairman’s tenure, CVS expanded its operations into Australia and successfully navigated the review process with the UK’s Competition and Markets Authority. The company also transitioned its listing to the Main Market of the London Stock Exchange and was later included in the FTSE 250 index.
Over this period, CVS grew to roughly 9,000 employees, including about 2,500 veterinarians and 3,300 veterinary nurses and patient care assistants working across approximately 475 clinics. The group also nearly tripled its EBITDA during Fairman’s leadership.
Chair David Wilton said that under Fairman’s guidance the company strengthened its focus on clinical excellence and reinforced its reputation as a preferred employer in the veterinary sector.
Fairman stated that he remains committed to supporting the company during the transition and ensuring stability as the leadership change takes place. He added that with clarity following the CMA process, continued expansion in Australia, and renewed acquisition opportunities in the UK, the company’s outlook remains encouraging.
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