Three appointments ahead of a CEO handover

Restore (LSE:RST) has filled the finance role that its incoming chief executive will vacate and added two non-executive directors, completing the outline of the board that will run the group from January 2027. In an announcement on 26 October 2026, the company named Ian Melling as chief financial officer and a director from 11 January 2027, and appointed Nicola Keach and Richard Staveley as non-executive directors with immediate effect.

The changes follow the succession plan set out with the half-year results on 28 July, under which chief financial officer Dan Baker becomes chief executive and chief executive Charles Skinner moves to non-executive chair, both in January 2027.

About the company

Restore provides records storage and digital information services, including document scanning, shredding, and relocation. Its customers are businesses and public bodies that need to store or manage records securely, and the company has grown both organically and through acquisitions.

Who is joining

Melling, 48, was chief financial officer of specialty polymers group Victrex from 2022 until July 2026. Before that he spent 16 years at Smith & Nephew in commercial and group finance roles, including a period as interim chief financial officer in 2020. He trained as a chartered Accountant at Deloitte and holds an Oxford master's in chemistry. Skinner said Melling brought listed-company finance Leadership and commercial and technical accounting knowledge.

Keach, 57, is senior independent director of Johnson Service Group and previously ran Tivoli Group, a grounds maintenance provider. She spent a decade at ENGIE, finishing as chief executive for the UK and Ireland, and 16 years at Serco. Chair Jamie Hopkins said she brought experience of business-to-business service groups that had grown both organically and by acquisition.

A Shareholder seat at the table

Staveley, 51, joins as the representative of Harwood Capital Management, which with related entities holds 15.46% of LSE:RST's issued shares. Under a relationship agreement, Harwood may appoint a board representative while it holds at least 12.5%. He co-founded River and Mercantile Asset Management, manages Rockwood Strategic and has sat on the boards of several smaller listed companies. Formalising a large holder's board seat gives that investor direct influence over strategy and capital allocation, which can strengthen oversight but also concentrates influence.

The Business the new board inherits

LSE:RST provides records storage and digital information services, document shredding and IT asset recycling to UK organisations. In the six months to 30 June 2026, Revenue from continuing operations rose 21% to £175.4m, roughly half organic and half from acquisitions. Adjusted operating profit increased 19% to £29.9m, a 20.1% margin, and adjusted pre-tax profit rose 23% to £22.3m, while statutory pre-tax profit was £7.4m. Information Management generated £133.9m of revenue, Datashred £20.8m and Technology £20.7m.

Net Debt was £122.5m, with Leverage of 1.7 times, within the group's 1.5 to 2.0 times target. The group spent £4.6m on Buybacks in the half under a £20m programme and raised its Interim Dividend 18% to 2.6p. The board expected full-year adjusted pre-tax profit at least in line with a company-compiled consensus of £47.2m.

Risks in the transition

Changing chief executive and chief financial officer within days of each other removes continuity in the finance function at the start of a new financial year, although Baker's move from the finance role should help. Leverage, while within target, limits flexibility if acquisitions or buybacks continue. The wide gap between adjusted and statutory profit reflects Amortisation and other adjusting items that investors will want explained. Datashred margins of about 10.6% remain much lower than Information Management, and paper recycling prices can be volatile.

The succession sequence

Dan Baker, the current chief financial officer, becomes chief executive in January 2027, and Charles Skinner, the current chief executive, becomes non-executive chair. Ian Melling's appointment as chief financial officer from 11 January 2027 fills the role that Baker will leave. This sequence means that the executive team changes at the same time as the chair, so continuity depends on the new officeholders and the two new non-executives.

The new chief financial officer

Melling, 48, was chief financial officer of Victrex from 2022 until July 2026, and before that spent 16 years at Smith & Nephew in commercial and group finance roles, including a period as interim chief financial officer in 2020. His chartered accountancy Training at Deloitte and his Oxford degree in chemistry combine finance and technical knowledge. He joins about two months after leaving his previous role, which gives the company a short gap before he takes office.

The non-executive directors

Nicola Keach, 57, is senior independent director of Johnson Service Group, previously ran Tivoli Group, and spent a decade at ENGIE, finishing as chief executive for the UK and Ireland, and 16 years at Serco. Her experience is in business-to-business services. Richard Staveley, 51, represents Harwood Capital Management, which holds 15.46% of the shares. Under the relationship agreement, Harwood can appoint a representative while it holds at least 12.5%, so a drop below that level would end the right.

The board's composition

Adding two non-executive directors increases the number of independent voices, though one of them represents a significant shareholder. The chair, Jamie Hopkins, comments on the experience brought by Keach. Staveley's experience includes co-founding River and Mercantile Asset Management and managing Rockwood Strategic. Together, the three appointments provide finance, service-sector and investor perspectives for the new leadership.

Succession and continuity

In a planned handover, the new chief executive has usually worked inside the business for some time, which here is the case since he is the current chief financial officer. That reduces the risk of a loss of knowledge. Appointing a new chief financial officer who starts on 11 January 2027 means that the finance function is being prepared before the handover in January.

Next milestones

Baker and Skinner take up their new roles in January 2027, with Melling joining on 11 January. Full-year results for 2026 are the first major disclosure under the new team; last year's equivalent statement was published in March. Investors will look there for the new team's priorities, particularly how cash is split between acquisitions, buybacks and debt reduction.