Richard Balfour-Lynn to step down as chief executive of MWB Group Holdings
Balfour-Lynn, who founded the company 30 years ago, is also standing down as director of the group, although he will remain a shareholder.
In a statement he said the decision to stand down had been a difficult one having been with the company for 'most' of his working life. However, it is believed he is looking to pursue private interests and separate himself from the pressure of running a large number of businesses.
He said: "I will remain a committed and supportive shareholder and have every confidence in both the board of MWB Group and the management teams to take the Group to the next stage of its development. We have two growing subsidiaries with strong brands MWB Business Exchange, Malmaison and Hotel Du Vin."
News of his decision to stand down comes three months after the departure of Robert Cook as chief executive of Malmaison and Hotel du Vin who effectively swapped roles with De Vere's Gary Davis.
The company, which appointed former Hoseasons chief executive Richard Carrick as a non-executive director on the same day it released its half year report last week, will not seek a replacement for the role. Instead, Davis and John Spencer, chief executive of the other side of the business - MWB Business Exchange will report into chairman Eric Sanderson.
Sanderson paid tribute to Balfour-Lynn's leadership. He said: "Richard is an exceptional entrepreneur who has built up a major hotel and business services group. He has always been passionate about developing great hospitality in the business. We would like to thank him for his drive and enthusiasm in building some exceptional brands."
