TIDMAPI

RNS Number : 9762R

API Group PLC

18 September 2014

 
 18 September 2014

API Group plc

("API" or the "Group")

Board Change

As notified in the Group's latest Annual Report & Accounts, the Nominations Committee of the Board has been conducting a review of the composition of the Board, with the aim of formulating a plan for succession. In concluding the review, it has been decided to embark upon a process of renewal; re-positioning the Board to steer the Group through the next stage in its development.

As the first stage in this process, Richard Wright, Non-executive Chairman, is stepping down from the Board with effect from 31 October 2014.

Mr Wright has served as a member of the Board since 2001 and is approaching a full term of 9 years as Chairman. During that time, he has overseen a transformation in the Group's fortunes, including the establishment of a consistent level of profitability, deleveraging of the balance sheet and the reinstatement of the dividend.

Andrew Turner, Group Chief Executive, has agreed to act as Chairman on an interim basis until a permanent appointment is made.

Mr Turner commented on the changes as follows: "API has benefited hugely from Richard's contribution and from the continuity of leadership which his tenure has afforded the management team. After a distinguished period of service, Richard's willingness to step aside to facilitate the overhaul of the Board is emblematic of his commitment to shareholder interests and the future success of the Group."

- Ends -

For further information:

 
 API Group plc 
 Andrew Turner, Group Chief Executive      Tel: +44 (0) 1625 
                                                     650 334 
 Chris Smith, Group Finance Director        www.apigroup.com 
 
   Numis Securities (Broker) 
 James Serjeant                         Tel: +44 (0) 20 7260 
                                                        1000 
                                               www.numis.com 
 
 
 Cairn Financial Advisers (Nominated Adviser) 
 Tony Rawlinson / Avi Robinson                  Tel: +44 (0) 20 7148 
                                                                7900 
                                                    www.cairnfin.com

Media enquiries:

 
 Abchurch 
 Henry Harrison-Topham / Quincy Allan     Tel: +44 (0) 20 7398 
                                                          7710 
 quincy.allan@abchurch-group.com        www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOALDLLFZKFXBBQ

Abrdn Property Income (LSE:API)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Abrdn Property Income Charts.
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Abrdn Property Income Charts.