Membership Collective Group: Chief Financial Officer Notification

Rhea-AI Summary

Membership Collective Group Inc. (NYSE: MCG) announced that Chief Financial Officer Humera Afzal will depart from her position on June 14, 2022, due to factors outside the Company. A search for a successor is currently underway. CEO Nick Jones acknowledged Ms. Afzal's significant contributions, particularly in leading the IPO process during the pandemic, and expressed gratitude for her dedication. The transition will be managed to ensure stability during this change.

Positive

• Humera Afzal played a key role in leading MCG's IPO process during challenging times.
• The transition of duties will be managed to ensure operational continuity.

Negative

• Departure of the CFO may introduce uncertainty regarding financial leadership.
• Factors leading to the departure are unspecified, raising concerns about potential underlying issues.

LONDON--(BUSINESS WIRE)-- Membership Collective Group Inc. (NYSE: MCG) (“MCG,” “Company,” “we” or “our”), a global membership platform of physical and digital spaces that connects a vibrant, diverse, and global group of members.

Membership Collective Group Inc. (“MCG”), (NYSE: MCG) announced today that Chief Financial Officer Humera Afzal is leaving her position in June due to factors outside the Company.

A search process is underway to appoint a successor. Ms. Afzal will continue to serve as CFO until the end of her notice period on June 14, 2022 and will help ensure an orderly transfer of her duties.

Nick Jones, Founder and CEO of MCG, said: “Humera played an instrumental role in leading our IPO process and the journey towards MCG becoming a public company in the height of the pandemic and I would like to thank her for her support and dedication. We wish her all the very best for the future.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316005242/en/

Investor Relations

ir@membershipcollectivegroup.com

Media

press@membershipcollectivegroup.com

Jakob Hesketh

jakob.hesketh@sohohouse.com

Source: Membership Collective Group (MCG)

FAQ

When is Humera Afzal leaving Membership Collective Group Inc.?

Humera Afzal will leave her position as CFO on June 14, 2022.

What role did Humera Afzal play at MCG?

Humera Afzal was instrumental in leading the company's IPO process.

Is there a replacement planned for the CFO position at MCG?

Yes, a search process for a successor is already underway.

Why is the CFO leaving MCG?

The departure is due to factors outside the Company, which remain unspecified.