Mr Watt will hand over the reins to chief operating officer James Arrow but will remain with the group as a non-executive director on the board and continue to advise the group on strategy.
Mr Watt will take on the newly created non-executive role of “captain and co-founder” and retain his 21 per cent shareholding in the firm. The group said it had put in place succession plans after Mr Watt first told the board last year he wanted to step away to focus on his other projects and interests.
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