Nick Jones, founder of Soho House, has decided to step back from his role as chief executive at the private members’ club, following treatment for prostate cancer.
Jones has been CEO of the business for the past 27 years and has taken Soho House from a single location to a publicly listed company – Membership Collective Group (MCG), which has 38 locations worldwide.
Jones, who is now free from cancer after receiving treatment, will remain on the board in a founder role, the FT has reported.
Andrew Carnie, who previously served as global president after joining MCG from fashion and homeware retailer Anthropologie in 2019, will replace Jones as chief executive.
Jones said he would continue to be “a voice in the room” but would focus on his “passions”, including designing the membership experience and working on new houses, instead of serving in a “day-to-day” operational role.
“There’s plenty of founders who are not CEOs,” said Jones. “I went into hospitality because I love a room full of interesting people having a good time… we’ve globalised that in all the houses and that’s the secret sauce.”
MCG listed in New York in June this year, but its share price has since fallen from $14 to $4.25, with the business now valued at less than $1bn. But the group has been trading well, with group revenues were up 48% year-on-year to $226m in the 13 weeks to 2 October 2022.
