TMCnet News
API Group plc ("API" or the "Group") Board Change(Marketwire Via Acquire Media NewsEdge) STOCKPORT, UNITED KINGDOM -- (Marketwired) -- 09/18/14 -- API Group plc (AIM: API) 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 Chris Smith Group Finance Director Tel: +44 (0) 1625 650 334 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 [email protected] Tel: +44 (0) 20 7398 7710 www.abchurch-group.com Source: API Group PLC |