Rotork PLC Directorate Change (3700M)
July 28 2017 - 2:01AM
UK Regulatory
TIDMROR
RNS Number : 3700M
Rotork PLC
28 July 2017
Rotork plc
Directorate Change
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION (EU) NO 596/2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
The Board of Rotork plc announces today the resignation of Peter
France as Chief Executive. The current Chairman, Martin Lamb, will
assume the role of full time Executive Chairman with immediate
effect, until a successor can be appointed. A search firm to lead
this process will be selected shortly.
This announcement follows a period of reflection by the Board,
together with Peter, on the steps required to foster a return to
higher growth and margin levels in what is likely to be a generally
lower growth macro environment. Such steps include accelerating
investment in key areas such as product innovation and customer
service whilst, at the same time, driving greater efficiencies
throughout the business. The Board and Peter have mutually agreed
that the time is right for a new Chief Executive to lead these
initiatives.
The Company's financial results for the half year, and current
projections for the full year, are in line with management
expectations. These will be presented, as previously announced, on
8 August 2017.
Martin Lamb, Executive Chairman, commented:
"I would like to thank Peter for all his efforts and
achievements throughout a long and successful career with the
Company. Rotork is an outstanding business with leading product
brands, embedded market positions, strong global representation and
great people. The Board recognises the more challenging market
environment faced by the business in recent times, particularly in
the oil and gas sector. The Board is now focused on identifying the
right leader to deliver the greatest shareholder value from this
next phase in the Company's development."
Peter France commented:
"It has been a real privilege to lead Rotork over the last 9
years, and to have played such a key part, across many different
roles, in the 28 years that I have been with the Company. We have
built great foundations and I wish Rotork every success in the
years ahead."
The person responsible for arranging the release of this
announcement on behalf of Rotork plc is Stephen Jones, Company
Secretary.
For further information, please contact:
Rotork plc
Martin Lamb, Chairman Tel: 01225
733 205
Stephen R Jones, Company Secretary Tel: 01225
733 331
Sarah Matthews-DeMers, Director Tel: 01225
of Strategy and Investor Relations 733 535
FTI Consulting
Nick Hasell/Richard Mountain Tel: 020
3727 1340
This information is provided by RNS
The company news service from the London Stock Exchange
END
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