TT Electronics PLC CEO Appointment (3218H)
27 Luglio 2023 - 8:00AM
UK Regulatory
TIDMTTG
RNS Number : 3218H
TT Electronics PLC
27 July 2023
27 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
TT Electronics plc
CEO Appointment
TT Electronics plc ("TT", "the Group"), a global provider of
engineered electronics for performance critical applications,
announces that Peter France has been appointed as Group Chief
Executive Officer. He will succeed Richard Tyson, following the
announcement made on 13 April 2023 of Richard's proposed
departure.
Peter has a distinguished track record in the industrial
engineering and manufacturing sector, following a 28-year career at
Rotork plc, including nine years as CEO. Peter is also a
non-executive director of Spirax-Sarco Engineering plc.
Peter has been CEO of ASCO Group, an industrial services
provider to global energy markets, since 2018. He will join TT and
become a member of the Board on 2 October 2023 at which point
Richard will leave the company and step down from the Board,
allowing for an orderly transition of leadership.
TT will announce its interim results for the six months ended 30
June 2023 on Thursday 3 August 2023.
Warren Tucker, Chairman, said:
"I am delighted to welcome Peter as our new CEO to lead the
Group through the next phase of our evolution and accelerate our
ambitious global growth strategy, building upon the strong platform
and trading momentum created by Richard and the team in recent
years. The Board is looking forward to working closely with Peter,
whose experience of delivering sustainable growth and margin
expansion across international engineering businesses means he is
ideally placed to bring further success to TT Electronics."
Peter France said:
"I am excited to be joining TT Electronics, a UK headquartered
industrial business, delivering specialist technology solutions for
some of the world's most important challenges, including efficient
electrification. With an experienced board and management team,
clear values and culture, and attractive positions in structurally
growing markets, I am confident we will together deliver
sustainable organic and, in due course, inorganic growth to drive
value creation for all our stakeholders."
Peter does not own any shares in TT Electronics plc and there
are no further details to be disclosed under paragraph 9.6.13 of
the Listing Rules.
The remuneration arrangements relating to Peter's appointment,
which will be in line with the Remuneration Policy approved by
shareholders at the 2023 Annual General Meeting, will be set out in
the 2023 Directors' Remuneration Report. The remuneration
arrangements relating to Richard Tyson's departure will be
disclosed in accordance with section 430(2B) of the Companies Act
2006 on TT's website in due course.
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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