TT Electronics PLC Board Change (0366W)
13 Aprile 2023 - 8:00AM
UK Regulatory
TIDMTTG
RNS Number : 0366W
TT Electronics PLC
13 April 2023
13 April 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
TT Electronics plc
Board Change
TT Electronics plc ("TT", "the Group"), a global provider of
engineered electronics for performance critical applications,
announces that, Richard Tyson, Group Chief Executive Officer, has
informed the Board of his decision to leave the company to take up
the role of CEO of Oxford Instruments plc.
Since joining in July 2014, Richard has overseen a period of
transformational change, positioning the Group in structurally
growing, higher added value markets with long-term customer
partnerships, and driven a significant improvement in operational
and financial performance. He has built a strong central and
divisional leadership team and will leave the business well
positioned for future growth.
The Board will now begin the process to appoint a new CEO.
Richard's notice period is 12 months and he will continue in role
until the Board has completed the succession process. The Board
regularly reviews succession planning and will provide updates as
and when appropriate.
Trading remains in line with the Board's expectations, with the
next update on 9(th) May 2023.
Warren Tucker, Chairman, said:
"Richard has been instrumental in the transformation of TT since
he joined, improving the quality of the business and building a
strong platform for future growth. The business has an experienced
team and is executing a clear strategy. The Board is confident that
we can continue to deliver strong growth and financial returns,
creating significant value for all our stakeholders. On behalf of
the Board, I want to thank Richard for his contribution and wish
him every success in his new role."
Richard Tyson, CEO, said:
"I am very proud of what we have achieved at TT over the past
nine years. We have transformed the Group to align with
structurally growing and higher added value end markets, our
relationships with our customers are longer term and more
collaborative and we have made significant progress in our efforts
to build an environmentally sustainable business. We have a strong
team in place and good momentum across the business , providing an
excellent platform from which to achieve our medium-term margin
goals. I have every confidence TT will go from strength to
strength, executing on its record order book, delivering continued
strong profit growth and driving free cashflow ."
For further information please
contact:
TT Electronics plc Tel: +44 (0)1932 827 779
Warren Tucker, Chairman
Richard Tyson, Chief Executive Officer
Mark Hoad, Chief Financial Officer
Kate Moy, Head of Investor Relations and Communications
MHP Tel: +44 (0)20 3128 8100
Tim Rowntree / Ollie Hoare
About TT Electronics
TT Electronics is a global provider of engineered electronics
for performance critical applications.
The company operates in industries where there are structural
growth drivers, working with market-leading customers primarily in
the industrial, medical, aerospace and defence sectors. Products
designed and manufactured include sensors, power management devices
and connectivity solutions. TT has design and manufacturing
facilities in the UK, US, Sweden and Asia.
The company has three divisions. The Power and Connectivity
division designs and manufactures power application products and
connectivity devices which enable the capture and wireless transfer
of data. We collaborate with our customers to develop innovative
solutions to optimise their electronic systems. The Global
Manufacturing Solutions division provides manufacturing services
and engineering solutions for our product divisions and to
customers that often require a lower volume and higher mix of
different products. We manufacture complex integrated product
assemblies for our customers and provide engineering services
including designing testing solutions and value-engineering. The
Sensors and Specialist Components division works with customers to
develop standard and customised solutions including sensors and
power management devices. Our solutions improve the precision,
speed and reliability of critical aspects of our customers'
applications.
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END
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