Amscan International has announced its chief executive officer, Gary Panons, will become the company’s first executive chairman and be succeeded by current chief financial officer and chief operating officer, Joe Hennigan, on April 1, 2022.
The Milton Keynes-headquartered global designer, manufacturer, distributor, wholesaler and retailer of party products and supplies has revealed the change as it prepares for further national and international growth.
The company has a turnover of more than £250m and employs around 2,500 people worldwide, 350 of which are based in the UK. In addition to Amscan, its brands include UK online party supplies retailer Party Delights and Ginger Ray.
Last January, Amscan International underwent a management buy-out supported by Leeds-headquartered private equity firm Endless.
This was quickly followed by two significant bolt-on acquisitions comprising Germany-based foil balloon printing technology business Luftballon-Markt in August and Ginger Ray in October.
Commenting on the succession and his new role, Gary said: “There are hugely exciting times ahead for Amscan International with further organic growth and acquisitions.
“We have incredibly supportive investors and partners in Endless, a great leadership team and a wealth of experience and energy across all areas of our business.
“Part of any evolution is growing, developing and harnessing positive change. These changes to our board structure are entirely right for the stage and future success of our business, and I am delighted that Joe will be my successor as CEO.
“His strategic insight, deep experience of the industry and relentless pursuit of success will be instrumental to further growth.”
Gary joined Amscan International in 2011 when the company he was managing director of, Christy’s by Design, was acquired by the business.
Before arriving at Amscan International in 2016, Joe spent 12 years working for business advisory firm PwC in the UK and US. He joined Amscan International as chief financial officer before also becoming chief operating officer in 2019.
Incoming chief executive officer, Joe Hennigan, said: “We have an exceptional team at Amscan International and we are all excited for what the future holds as we further expand the business.
“We have a clear strategic growth plan and the funds available to make additional investments to accelerate the plan.
“These are exciting times and I look forward to continuing to work closely with Gary and the senior management team as we progress our strategic plan.”
Also from April 1, 2022, current group finance director, Rob Sidell, will become chief financial officer. He joined the business last October from the international bathroom and kitchen product supplier, Norcros.
Rob is a chartered accountant who trained at Ernst & Young and has held a number of senior finance roles across large international organisations.