Sep 11, 2017

Hornby chief to step down after Phoenix takes control

Phoenix Asset Management is now firmly in the driving seat at model train maker Hornby, with the company today announcing the departure of its chief executive to make way for a "New chapter" under its new majority shareholder. Hornby said on Monday that chief executive Steve Cooke will step down "At a date to be agreed" as part of a strategy review begun after Phoenix took control of the group in July. Mr Cooke, who joined Hornby initially as chief financial officer in June 2015, will remain as CEO for a transitional period. Phoenix has previously said it intends to maintain Hornby's stock market listing, but the results of the offer leave its remaining shareholders with little control over the company. The position of Phoenix as Hornby's majority shareholder represents a new chapter in the development of the group and the board is working closely with Phoenix to set the direction of the business going forward.

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