Safestore Holdings Plc (LON:SAFE), a leading self-storage provider based in Hertfordshire, England, announced on Thursday that its Chief Financial Officer (CFO), Andy Jones, has informed the board of his decision to retire. Jones will continue in his role until the transition to his successor is complete. The company will commence an external search for the vacant CFO role, although no specific timeline has been shared.
Jones joined Safestore in 2013 and has been a key figure in implementing the company's strategy over the past decade. Under his financial stewardship, Safestore significantly expanded its store portfolio and entered four additional geographies. He also oversaw a period of sector-leading growth and shareholder returns. The company reported that during Jones' tenure, revenue increased by 120%, earnings per share (EPS) rose by 330%, and market capitalization grew by 575%.
According to InvestingPro, Safestore has been trading at a high revenue valuation multiple, which is a testament to the company's strong financial performance and growth under Jones' leadership. The company's stock generally trades with low price volatility, offering stability for investors. In addition, Safestore pays a significant dividend to shareholders, further enhancing its appeal to investors. For more insights, readers can visit InvestingPro, which offers additional InvestingPro Tips.
Frederic Vecchioli, Safestore's Chief Executive Officer, praised Jones for his exceptional contribution and commitment to the company. "He has been an excellent and trusted support to me and instrumental in delivering the market-leading progress of the business in that time," Vecchioli said.
In response to his retirement announcement, Jones stated, "It has been a privilege to be part of Safestore's progress since 2013. Safestore is an outstanding company with a fantastic team and an exciting future ahead. I will be staying with the business until the transition to my successor is complete, and I look forward to watching the business continue to grow over the years ahead."
Following the news of Jones' retirement, shares in Safestore were up 0.1% to 735.95 pence each in London on Thursday morning. Despite the company's stock price having fallen significantly over the last year, as pointed out by InvestingPro, this slight uptick in share price signals investor confidence in the company's ability to navigate this transition and continue its growth trajectory.
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