API Chairman To Step Down, Chief Executive To Be Interim Replacement

LONDON (Alliance News) - API Group PLC Thursday outlined a number of changes to its board, including the departure of its chairman and an interim dual role for its chief executive.

Richard Wright is to step down as the non-executive chairman of the company on October 31. He has been chairman of the group for nearly nine years, having served on its board since 2001.

Chief Executive Andrew Turner will take up the chairman role additionally on an interim basis.

API said the changes were part of a "process of renewal" for its board following a review and are aimed at "re-positioning the board to steer the group through the next stage in its development".

Turner said: "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," he added.

API shares were untraded on Thursday at 55.00 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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