Hornby’s CEO, Steve Cooke, is set to step down from his role as the toy firm takes on a strategic review.
Since Phoenix Asset Management took control of the company earlier this year, the shareholder has spearheaded a turnaround plan to help boost Hornby’s growth.
"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,” said David Adams, interim chairman at Hornby.
“The board would like to thank Steve Cooke for his huge contribution to the group, in particular his leadership of the first stage of the turnaround that was announced to the market last year. We are delighted that Steve has agreed to remain in the post and effect an orderly transition to the appointment of the new CEO."
Cooke’s departure has been ‘mutually agreed’ with Hornby revealing that he will remain as CEO for the transitional period, with an announcement concerning the new CEO to follow.
Cooke first joined the company back in June 2015 as its finance head, and went on to become its chief executive in April 2016.