CVS Group CEO to step down as UK vet pricing probe concludes
CVS Group PLC on Monday said Chief Executive Richard Fairman will be stepping down ‘for personal reasons’.
The Norfolk, England-based provider of veterinary services plans to begin the search for a new CEO, with Fairman remaining in his role ‘until until a successor is appointed, to ensure an orderly transition’.
‘He will continue to drive the business forward in the meantime,’ CVS stressed.
Fairman joined the company as chief financial officer in 2018 and became CEO the following year. ‘Richard has led the group through a period of significant strategic progress in support of its purpose to provide the best possible care to animals,’ Chair David Wilton said.
The departure follows weaker profit for CVS, which in February reported a 4.4% decline in first-half profit on the back of ‘softer market conditions in the UK’ and higher administrative expenses.
Pretax profit fell to £15.2 million in the six months ended December 31 from £15.9 million on-year, though revenue was up 5.8% to £356.9 million from £337.3 million.
Fairman’s decision to step back also follows increased regulatory scrutiny on CVS and its peers in the veterinary market. The UK Competition & Markets Authority last week concluded an investigation into the sector, ruling that vet practices must publish price lists and cap prescription fees.
The watchdog had launched the review back in 2023, finding that vet prices had risen at twice the rate of inflation.
London listings CVS and Pets at Home Group PLC, alongside Linnaeus Veterinary Ltd, which is owned by Mars Inc, were both included in the CMA’s probe, as were three private-equity backed firms, Independent Vetcare Ltd, VetPartners Group Ltd and Medivet Group Holdings Ltd.
‘Whilst we continue to believe that some of these remedies are not fully justified, we are comfortable with them and believe they are workable,’ CVS had said in response to the review.
Chair Wilton said CEO Fairman had ‘guided the business with integrity and clarity through to the conclusion of the CMA process and, during the same period, oversaw the group’s step-up to the Main Market of the London Stock Exchange and its subsequent inclusion into the FTSE 250 index.’
Fairman noted: ‘With clarity provided by the CMA outcome, a rapidly expanding presence in Australia and a growing UK business with acquisitions back on the agenda, I believe the outlook for CVS is positive and the group is well-positioned to attract a high-calibre successor.’
CVS Group shares were down 2.5% to 1,104.00 pence on Monday morning in London.
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