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629.00 -31.00 (-4.70%)

Bid:

626.00

Ask:

628.00

Spread: 2.00 (0.319%)

Market Cap: £1.16b

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Volex reshuffles board

Fri, 27th Nov 2015 08:27

(ShareCast News) - Nathaniel Rothschild has been appointed as Volex executive chairman, the power and data cabling solutions provider said on Friday.The position of executive chairman was created after the board of non-executive directors deemed the role of chairman and chief executive should be combined into a new position. Volex currently operates using a divisional CEO structure but it added its board did not believe appointing a group CEO was necessary.Meanwhile, Geraint Anderson will step down as director after ceasing to operate as interim CEO and Karen Slatford, who has been a non-executive director for nine years, will also step down from the board.Volex added it intends to appoint a senior independent director, with Bob Beveridge set to take on the role on an interim basis as the search process gets underway.Volex shares were up 2.04% to 56.25p at 0840 GMT on Friday.