Runcorn-based workwear and textile firm Johnson Service Group (JSG) announced that chief financial officer (CFO) Yvonne Monaghan intends to retire following more than 40 years with the company, including 17 years as CFO.
Johnson also announced that, following a search and selection process, Ryan Govender of Treatt Plc has been selected to succeed Monaghan as CFO.
On March 4, JSG published strong 2024 results, raised its dividend 43% and said it is considering a move from AIM to the main market of the London Stock Exchange. Johnson also said on March 4 it will continue to seek out and acquire earnings enhancing acquisitions and that is is planning another share buyback.
“It is anticipated that Ryan will be appointed an Executive Director and CFO of the Company with effect from 1 October 2025,” said Johnson.
“Yvonne will remain as CFO and a Director of the Company until the date of Ryan’s appointment, at which point Yvonne will then step down as CFO and as a Director of the Company but shall remain employed by the Company until 28 February 2026 (the ‘End Date’) to, initially, complete a handover process with Ryan and, thereafter, be available to support JSG.
“Yvonne will then end her employment with the Company and retire on the End Date.
“Ryan brings extensive, listed, corporate finance and commercial expertise to the role at JSG, having worked for over 20 years in senior finance roles across global FMCG businesses, particularly in the food sector.
“His diverse experience includes strategy, FP&A, corporate structuring, M&A, large capital projects, investor relations and finance transformation.
“He is currently CFO at Treatt Plc, a natural extracts and ingredients manufacturer to the global beverage, flavour, fragrance and consumer goods industries with operations in the UK, the US and China.
“Prior to his appointment, in July 2022, as CFO at Treatt Plc, Ryan held several roles with Associated British Foods (ABF), the FTSE 100 international food, ingredient and retail group, most recently as CFO of SPI Pharma, a provider of innovative solutions to global pharmaceutical and nutritional customers.
“Before that, Ryan held finance and management roles within other ABF businesses, including Speedibake, Germains Seed Technology and Illovo Sugar. Ryan qualified as a Chartered Accountant at PwC in South Africa.”
Johnson CEO Peter Egan said: “Yvonne has been an outstanding CFO for JSG and I want to thank her for everything she has done for the Group and for all the support she has given to me personally.
“Yvonne has been instrumental in driving the success of the Group since her appointment as CFO in 2007 and she leaves us extremely well positioned for the future.
“I am delighted that Ryan will be Yvonne’s successor. Ryan is a highly experienced and commercial CFO with a proven track record of exceptional delivery. I very much look forward to working with him on the opportunities ahead.”
JSG chair Jock Lennox said: “On behalf of the Board I would like to express our sincere appreciation for the outstanding contribution made by Yvonne during her time at JSG and during her tenure as CFO.
“She has played a pivotal role in the Group’s success over many years and can look back on her long career with JSG with immense pride. Her professionalism in continuing to lead the finance function while we have been considering succession has been exemplary. We wish her all the very best in her well-deserved retirement.
“After a thorough search process, we are very pleased to have secured Ryan to succeed Yvonne and work with Peter. Ryan is a CFO of exceptional calibre, possessing strong finance and commercial experience, gained over many years.”
Monaghan said: “I feel privileged and immensely proud to have had such a varied and interesting career with JSG. It has been a pleasure to work with my colleagues and the Group’s customers, suppliers and other stakeholders during my time at JSG.
“I am delighted that Ryan will succeed me as CFO and I look forward to working with him on an orderly transition. In the meantime, I remain fully focused on continuing to execute JSG’s strategy and delivering stakeholder value.”
Govender said: “I am thrilled to be joining JSG with its rich heritage of outstanding customer service, investment in its people, industry leadership position and impressive sustainability credentials.
“The Group’s businesses are very well-positioned with great potential to deliver further value to customers and shareholders. I am excited by the opportunity to build upon these strong foundations as JSG continues its next phase of development and I look forward to working closely with Yvonne to ensure a smooth handover.”