Source - SMW
International models and collectibles group Hornby has announced a number of changes to its board.

The group said that as previous announced interim chairman David Adams planned to step down to take up another appointment and it has now been agreed that he would formally step down on 31 Dec. 

The group said chief executive Lyndon Davies would become interim executive chairman and CEO while the search for an independent non-executive chairman continued.

Hornby said that following the recent strategy review and the successful completion of the refinancing, it had been mutually agreed that chief financial officer and company secretary David Mulligan would step down from the board on 31 Dec and be succeeded by Kirstie Gould.

Hornby said that she had spent over 2 years with the group and would be stepping up from her current role as a consultant in the finance department.

The board also said it  intended to appoint John Stansfield as an independent non-executive director. 

It said: 'John is a qualified accountant and spent 31 years with the group, completing 12 years as group finance director. John helped deliver some of the group's most profitable years and has a wealth of experience in the toy and hobby sectors.'  

Senior independent director Martin George said: 'The Board would like to thank David Adams for his contribution to the Group over the past four years and his recent leadership as Chairman. 

'I would also like to thank David Mulligan for his commitment over the past 18 months during a period of significant change for the business and for his successful delivery of the recent equity fund raising and bank refinancing. 

'Both leave Hornby with our very best wishes for their respective futures.

'The Board is delighted to welcome John and Kirstie to the Board and look forward to their contribution to the next stage of the turnaround process.'

At 9:33am: (LON:HRN) Hornby PLC share price was -0.37p at 27.63p