Boss of CVS to step down

The chief executive of one of the UK’s largest veterinary groups is set to step down from the role.

Richard Fairman has informed the board of CVS of his intention to retire for “personal reasons”, sparking a search to find a successor to the man who led the business through the Competition and Markets Authority (CMA) investigation process and oversaw its move to the Main Market of the London Stock Exchange.

After joining CVS in 2018 and assuming the role of CEO in 2019, Mr Fairman also guided the company’s expansion into the international market with a growing number of practice acquisitions in Australia.

‘Personal reasons’

He said: “While I will be stepping down for my own personal reasons, I remain firmly committed to supporting the business and ensuring continuity as the search for a successor begins and an appointment is made.

“With clarity provided by the CMA outcome, a rapidly expanding presence in Australia and a growing UK business with acquisitions back on the agenda, I believe the outlook for CVS is positive and the Group is well-positioned to attract a high-calibre successor.”

Business expansion

Following the release of the CMA’s final decisions last week (24 March), CVS said it was “comfortable” with the regulator’s plans as its share prices increased by 2.64% in early trading.

Since 2019, CVS has seen EBITDA almost triple, with the business now employing a total workforce of around 9,000, including 2,500 vets and 3,300 vet nurses and patient care assistants across almost 500 practices.

’Significant contribution’

David Wilton, chair of CVS, said: “Since joining CVS in 2018 as CFO and assuming the role of CEO in 2019, Richard has led the group through a period of significant strategic progress in support of its purpose to provide the best possible care to animals.

“On behalf of the board and everyone at CVS, I would like to take this opportunity to thank Richard for his commitment over the past eight years and recognise the significant contribution he has made to the group. As chair, I look forward to continuing to work with him over the coming months and to ensure an orderly hand over to his successor in due course.”