TRG, which additionally owns Italian-American meals chain Frankie & Benny’s, stated it’s going to start the search to discover a new chairman.
Mr Hanna will step down as soon as a successor is chosen.
The choice comes regardless of the corporate reporting a boosted monetary efficiency earlier this week having clawed again income over the newest half-year and seeing larger gross sales.
It painted a extra optimistic image for the casual-dining sector which has been impacted by squeezed customers paring again spending.
At TRG’s annual common assembly in May, Oasis, which owns round a 15% stake within the group, led a rebel over its pay report for final 12 months.
Almost 35% of buyers voted in opposition to the remuneration coverage for administrators, which handed Mr Hornby a complete pay bundle value £792,000 for 2022, and there have been important votes in opposition to the reappointment of the bosses.
It got here after the corporate reported losses of £86.8 million for the 12 months.
But on Wednesday, TRG stated it returned to a £2.3 million pre-tax revenue within the six months to the beginning of July, and upped its earnings outlook for the present monetary 12 months.
Cost pressures have been enhancing over the medium time period, it stated.
Mr Hanna stated: “It has been a privilege to work at TRG and I will be leaving the company in great shape with the business trading really strongly, outperforming the market and making good progress on its strategic options.”
Following the optimistic replace, Mr Hanna clearly determined now is an effective time to depart, fairly than participating in a dispute with activist buyers that would detract from the corporate’s gathering momentum
Chief government Andy Hornby stated: “On behalf of the board I would like to thank Ken for his outstanding contribution to the business.
“He has been an exceptional chairman and a hugely valued colleague during a critically important period for TRG as we have successfully recovered from the Covid pandemic and made good progress with our strategy.”
Shares in TRG jumped by greater than 6% on Friday following the news.
Victoria Scholar, head of funding at Interactive Investor, stated: “This week, Restaurant Group said it expects higher annual profits after reporting an increase in first-half earnings.
“Following the optimistic update, Mr Hanna clearly decided now is a good time to depart, rather than engaging in a dispute with activist investors that could detract from the company’s gathering momentum.”
