On the Beach names Jon Wormald as CFO

On the Beach stated Wormald will join the group on 30 June, at which point Morton, the group's current CFO, will replace Simon Cooper as chief executive. Cooper will then transition to his new role of founder director.

Wormald joins On the Beach from e-commerce technology group THG, where he is currently CFO of THG Nutrition. Prior to THG, he spent 11 years at the Co-operative Group, holding a number of senior roles including director of M&A and programme director.

Chairman Richard Pennycook said: "The board and I are delighted to welcome Jon as our incoming group CFO. Having worked closely with Jon in a previous role, I know he is a talented individual whose extensive experience in both online and consumer-facing businesses are well suited to the company and we look forward to working with him."

As of 0945 BST, On the Beach shares were down 0.42% at 143.0p.

Reporting by Iain Gilbert at Sharecast.com