Ascential plc, organiser of the LIONS events and Money20/20, has completed the sale of its Digital Commerce business to Omnicom Group Inc.
Consequently, Duncan Painter (pictured) has stepped down from the Board of Ascential and the position of CEO. He will now serve as CEO of Flywheel Digital, a new practice area within Omnicom. Independent non-executive directors Joanne Harris and Charles Song also stepped down from the Board of Ascential as of 2 January.
The company announced Philip Thomas as the new executive director and CEO of Ascential with immediate effect. He has been CEO of Lions Festivals and is chairman of Cannes Lions.
Scott Forbes, chairman, Ascential thanked Painter for his stewardship of Ascential over the past 12 years. “Under his tireless and visionary leadership, each of our portfolio businesses have been truly transformed to meet the challenges of the modern era. We wish Duncan continued success in the next chapter of his career with Omnicom.”
Ascential also announced it had agreed a new, four-year, multi- currency revolving credit facility (RCF) of GBP£200m (USD$254m) with a syndicate of banks. This new facility will become effective when Ascential’s existing £450m RCF is fully repaid and cancelled following the completion of the Digital Commerce sale.
The new facility includes an accordion to raise additional debt amounts of up to £25m by March 2024.
Ascential also noted all required regulatory clearances have been received in respect of the sale of its product design business, WGSN, to Wind UK Bidco 3 Limited (a new company established by funds advised by Apax Partners).
