Management Team
The Board
Julian Pancholi
Non-Executive Chairman
Julian (“Jules”) Pancholi joined the Ten Board in October 2017 and was elected Chairman in 2023. Jules is an experienced technology and marketing services entrepreneur.
Jules served as a non-executive director of Skyscanner Limited, the travel fare comparison website until the sale to C TRIP for over £1.4 billion in 2016.
Jules holds or has retired in the year from Non-Executive and Chairman positions with a number of innovative growth companies including Oritain (forensic supply chain traceability and ESG), Simple Online Health (e-commerce automation), Nitro Digital (life sciences marketing), Easy Storage (storage innovation), Borrow My Doggy (two-sided marketplace) and Lumity Life (wellness e-commerce). His other ventures include Nixxie Ltd (a US-focused advertising tech business), Socius Technology Group Limited (a B2B fintech workflow solution) and Nitro Property Ltd (a syndicate based property portfolio business).
Alex Cheatle
Group CEO and Co-Founder
Alex Cheatle co-founded the business in 1998. Alex is responsible for the Group strategy to become the most trusted service business in the world and the related focus to always be improving service levels.
Prior to founding Ten, Alex was a marketing manager at Procter & Gamble. Alex has a degree in Philosophy, Politics and Economics from Oxford University. Alex is based in London.
Andrew Long
Group COO, CEO AMEA and Co-Founder
Andrew Long co-founded the business in 1998. Andrew is responsible for key client and account strategy, legal & compliance, programme management, global real estate and operational & technology infrastructure.
Prior to founding Ten, he ran a UK market-leading event production and management business. Andrew has been based in Singapore with particular leadership responsibilities in AMEA since 2012.
Alan Donald
CFO
Alan Donald joined Ten in June 2019 as CFO. Alan has more than 30 years’ experience working in insurance, healthcare, aviation, business travel and leisure sectors.
Before joining Ten in June 2019, Alan was UK finance director at Thomas Cook for 9 months.
Previous to this, Alan was Finance Director of the travel division of Saga Group plc, EMEA CFO at Carlson Wagonlit Travel and CFO at Menzies Aviation part of the John Menzies Group. Alan also held senior finance positions at Willis Corroon, BUPA and Cigna Healthcare. Alan qualified as a Chartered Accountant with Deloitte Haskins & Sells.
Victoria Carvalho
Chief Proposition Officer
Victoria joined Ten’s Senior Leadership Team in April 2018 as Managing Director and was appointed Chief Proposition Officer in November 2022. Victoria has over 20 years of experience working in strategic roles focused on operational growth.
Prior to joining Ten, she spent 5 years as Vice President, Global Client Services and Operations for Nasdaq and 11 years with Thomas Reuters in New York and London.
Edward Knapp
Non-Executive Director
Edward is a seasoned global business leader with extensive experience in technology, growth strategy, risk management, and transformation. He has held executive roles in consultancy, high-growth technology companies and major financial institutions, including McKinsey & Company, Barclays, HSBC and Revolut.
Edward’s expertise spans various sectors including financial services, consumer, telecom, public sector and not-for-profit organisations.
He serves as non-executive director of the FTSE100 F&C Investment Trust Plc and has extensive international private-equity backed and Plc Board experience.
Carolyn Jameson
Non-Executive Director
Carolyn brings extensive executive and non-executive international experience in technology, travel and customer experience environments.
She has a proven track record as a strong business leader, adept at simplifying complexity and maintaining clarity in fast-growth and dynamic settings, including executive roles at Skyscanner and a current executive role at Trustpilot Group Plc.
Her expertise extends to building trusted relationships across cultures at stakeholder, board, and investor levels and possesses skills in corporate development, strategic thinking and change management in emerging and evolving areas.
Corporate Governance
The Company’s compliance with the QCA Code was last reviewed before publication of the Annual Report for the period ended 31 August 2022 in September 2022.. Details of how the Company complies or explains against the QCA Code, are therefore included in our Annual Report.
In 2018, the Company adopted the Quoted Companies Alliance’s (QCA) Corporate Governance Code for Small and Mid-Size Quoted Companies (“QCA Code”). The Board believes that it complies with all of the principles of the QCA Code through its governance practices which ensure that the Company has the right people, strategy and culture to deliver the Company’s strategies for success in the medium to long term.
The roles and responsibilities between the Board, Chair, Executive, Non-Executive Officers and management are clearly documented and understood. The Board is responsible for formulating, reviewing and approving the Company’s strategy, budgets, values and corporate actions. The Company holds Board meetings at least eight times each financial year and at other times as and when required.
The Board of Directors
The Board is responsible for setting the vision and strategy for the Company to deliver value to its shareholders by putting in place an effective business model. The Board members are collectively responsible for defining corporate governance arrangements to achieve this purpose, under clear leadership by the Chair.
The Board currently consists of four executive and three non-executive directors. There is a clear division of responsibilities between the Chairman, Jules Pancholi and Chief Executive Officer, Alex Cheatle and their roles have been set out in writing and agreed by the Board.
The Chair is responsible for leading the Board effectively and overseeing the adoption, delivery and communication of the company’s corporate governance model. The Chair makes sure that the Board’s agenda concentrates on the key issues, both operational and financial, with regular reviews of the Company’s strategy and its overall implementation. Jules Pancholi was appointed Chair in 2023 and also chairs the Nomination Committee and Environment, Social and Governance Working Group.
The Chief Executive Officer is responsible for the management of the Company’s business and for implementing the Company’s strategy. Alex Cheatle co-founded the business in 1998. He is also a member of the Nomination Committee.
Carolyn Jameson and Edward Knapp were appointed as non-executive directors in November 2023. Edward will be a member of the Audit & Risk Committee and Carolyn will be appointed to the Remuneration Committee.
The Non-Executive Directors are considered independent of management and free of any relationship that could materially interfere with the exercise of their independent judgement. The Chairman was considered independent upon his appointment.
Alan Donald was appointed as Chief Financial Officer in June 2019. Mr. Donald brings financial expertise with over 30 years’ experience in Finance roles and over a decade’s experience in the travel industry.
Andrew Long was appointed as Group COO and AMEA CEO in 2012. Mr. Long co-founded the business in 1998 and is responsible for operational and technology infrastructure as well as having leadership responsibilities in AMEA region. He is also a member of Ten’s ESG Working Group.
Victoria Carvalho joined Ten’s Senior Leadership Team in April 2018 as Managing Director and was appointed Chief Proposition Officer in November 2022. Ms. Victoria was appointed Executive Director of the Board on 22 Februrary 2023. She is also a member of Ten’s ESG Working Group.
Matters reserved for the Board include:
- Responsibility for the overall leadership of the Company and setting the Company's values and standards.
- Review of performance of the business in the light of the Company’s objectives, business plans and budgets and ensuring that any necessary corrective action is taken.
- Any decision to cease to operate all or any material part of the Group's business.
- Changes relating to the Company’s capital structure.
- Changes to the Group's management and control structure.
- Approval of the half-yearly and annual report, interim management statements, trading updates, announcements of final results, including the corporate governance statement and directors' remuneration report.
- Approval of the dividend policy.
- Approval of any significant changes in accounting policies or practices.
- Raising new capital and confirmation of major financing facilities.
- Ensuring maintenance of a sound system of internal control and risk management.
- Approval of major capital projects, operating expenditure and oversight over execution and delivery.
- Major investments including the acquisition or disposal of interests of more than three per cent in the voting shares of any company or the making of any takeover offer.
- Ensuring a satisfactory dialogue with shareholders based on the mutual understanding of objectives.
- On the recommendation of the Remuneration Committee, determining the remuneration policy for the directors, Company secretary and other senior executives.
- Undertaking a formal and rigorous annual review of its own performance, that of its committees and individual directors, and the division of responsibilities.
Audit & Risk Committee
The Audit Committee is chaired by Edward Knapp and its other member is Julian Pancholi who are deemed to have recent and relevant financial expertise.
Remuneration Committee
The Remuneration Committee is chaired by Julian Pancholi and its other member is Carolyn Jameson.
Nomination Committee
The Nomination Committee is chaired by Julian Pancholi and its other members are Alex Cheatle and Carolyn Jameson.
Share Dealing Code
Ethics, Anti-Bribery and Anti-Corruption
The Board monitors how the Company’s ethical values and behaviors are recognized and respected through regular feedback from Management and annual employee surveys.
Investors Relations
The Board is committed to understanding and meeting the needs and expectations of the Company’s existing and potential shareholders.
Please click here for up-to-date information about the Company’s share price.
Please click here for the Company’s latest corporate and public announcements to the market.
Please click here for copies of the Company’s corporate documents, including interim and annual reports.
Please click here for investor FAQs.
Wherever possible, the Company shall supplement interim and annual reports with presentations and videos from the CEO and will announce technological, commercial and financial developments to ensure that the market is fully informed of the business’ progress.
As well as having access to detailed information on the website, investors are invited to send any enquiries to the Company Secretary by emailing investorrelations@tengroup.com.
The CEO and the CFO meet regularly with shareholders and potential investors and report their feedback to the Board. In addition, the Company’s joint-brokers provide independent feedback to the Board on market views and produce regular research notes on the Company. This has enabled the Board to understand the concerns of shareholders and the wider investment community.
AGM
Shareholders are invited to make use of AGMs to raise any questions regarding the Company’s management or performance. The Company shall disclose the outcomes of votes in a transparent way and will take steps to understand the reasons behind any vote where a significant proportion of votes have been cast against a resolution. Annual Reports and General Meeting Notices shall be kept on the website for at least 5 years.
The last AGM was held on 6 February 2024. The full text of each resolution was included in the Notice of the Meeting.
Shareholders were invited to send questions prior to the meeting and shareholders in attendance were given the opportunity to ask questions. One question was received prior to the meeting regarding
resolution 14 and whether the Board plans to buy back shares and if it does, whether it would be
communicated to shareholders in advance. In answer to this question, no, there are no current plans
to buy back shares. If this changed in the future, it would be communicated to shareholders in
accordance with regulatory requirements and best practices.
All resolutions put to shareholders at the Company’s Annual General Meeting held on 6 February 2024
were duly passed. Details of the proxy votes for each resolution received by the Company before the
AGM are set out below:
| Resolution Number |
Resolution Name |
Number of Votes For |
% of Votes For |
Number of Votes Against |
% of Votes Against |
Number of Votes Withheld |
|---|---|---|---|---|---|---|
01 |
Julian Pancholi |
44,405,894 |
100.00% |
0 |
0.00% |
0 |
02 |
Edward Knapp |
44,405,894 |
100% |
0 |
0% |
0 |
03 |
Carloyn Jameson |
44,405,894 |
100% |
0 |
0% |
0 |
04 |
Alex Cheatle |
44,405,894 |
100% |
0 |
0% |
0 |
05 |
Alan Donald |
44,405,894 |
100% |
0 |
0% |
0 |
06 |
Andrew Long |
44,405,894 |
100% |
0 |
0% |
0 |
07 |
Victoria Carvalho |
44,405,894 |
100% |
0 |
0% |
0 |
08 |
BDO LLP |
44,405,894 |
100% |
0 |
0% |
0 |
09 |
Remuneration of the Auditor |
44,405,894 |
100% |
0 |
0% |
0 |
10 |
Allot Shares |
44,405,894 |
100% |
0 |
0% |
0 |
11 |
Pre-Emption Rights |
44,405,894 |
100% |
0 |
0% |
0 |
12 |
Pre-Emption Rights for Acquisitions |
44,405,591 |
100% |
303 |
0.00% |
0 |
13 |
Purchase Own Shares |
44,405,894 |
100% |
303 |
0.00% |
0 |
14 |
Report & Accounts |
44,405,894 |
99.99% |
6,000 |
0.01% |
0 |
General Meeting – 16 October 2024
A General Meeting was held on 16 October 2024 to consider resolutions regarding the Placing and Retail Offer, as set out in the Notice of the Meeting.
Shareholders were invited to send questions prior to the meeting and shareholders in attendance were given the opportunity to ask questions.
The resolutions for the Placing and Retail Offer as put to shareholders at the General Meeting held, was duly passed. Details of the proxy votes for each resolution received by the Company before the GM are set out below:
| Resolution Number |
Resolution Name |
Number of Votes For |
% of Votes For |
Number of Votes Against |
% of Votes Against |
Number of Votes Withheld |
|---|---|---|---|---|---|---|
01 |
Allot Relevant Securities |
44,119,899 |
100.00% |
0 |
0.00% |
0 |
02 |
Allot Equity Securities |
44,119,899 |
100.00% |
0 |
0.00% |
0 |
General Meeting – 19 July 2022
A General Meeting was held on 19 July 2022 to consider a resolution to amend the Company’s articles of association as part of Ten’s application to be B Corp certified. The full text of the resolution was included in the Notice of the Meeting.
Prior to the meeting, the Board welcomed questions from Shareholders relating to the business of the General Meeting. Both the questions and answers can be found here.
The resolution to amend the articles of association as put to shareholders at the General Meeting held was duly passed. Details of the proxy votes for each resolution received by the Company before the AGM are set out below:
| Resolution Number |
Resolution Name |
Number of Votes For |
% of Votes For |
Number of Votes Against |
% of Votes Against |
Number of Votes Withheld |
|---|---|---|---|---|---|---|
01 |
Articles of Association |
49,127,464 |
95.37% |
2,384,161 |
4.63% |
538,589 |
Board Performance Evaluation
- Clear purpose and strong leadership by the Chair.
- Balance of skills, experience and independence.
- Directors that work as a team.
- Understanding of the business and its strategy.
- Information and engagement with shareholders and other stakeholders.
- Board performance evaluation.
The Chairman will consider whether external advice or a third-party facilitator is needed to refresh the performance evaluation process next year.
Modern Slavery Statement
Link to our Modern Slavery Statement policy
