The Character Group plc announced that, after nearly 33 years as a director and Chairman of companies within the Character Group, Richard King has notified the Company, that he will step down from the Board at the Company's 2024 Annual General Meeting on 19 January 2024 (the "2024 AGM"). Accordingly, he will not be seeking re-election at the 2024 AGM. Richard's management and leadership skills and entrepreneurial flair were critical to the Group's fledgling business back at the time of its formation in 1991.

He, together with the other founding directors, quickly forged a place and reputation for the Group in the toy market and the respect of many of the industry doyens of which, in time, he became one himself. This coupled his ability to identify, recruit, develop, promote and incentivise raw talent had a considerable impact on the growth trajectory and strategy of the Group. The industry's recognition of the Group's achievements over the years culminated in a lifetime achievement award being bestowed in 2016 on Richard King.

Although Richard will always emphasise the team effort that was recognised by that award, there is little doubt that his leadership and drive motivated and directed the efforts of that team in the formative stages of the Group's history. The Board announced that Carmel Warren, currently an Independent Non-Executive Director of the Company has, subject to her re-election to office as a director at the 2024 AGM, agreed to accept the Board's nomination for her to succeed Richard as Non-Executive Chair. Carmel joined the Board in April 2021 and, in her time with the Board, has earned the respect of all her fellow directors and the proposal to appoint her to the role of Board Chair was unanimously supported by her fellow directors.

She will retain her role as Chair of the Audit Committee and no other changes are in prospect as a consequence of these Board changes.