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29 Aug 2018 07:01
DIPLOMA PLC
12 CHARTERHOUSE SQUARE, LONDON EC1M 6AX
TELEPHONE: +44 (0)20 7549 5700
FACSIMILE: +44 (0)20 7549 5715
FOR IMMEDIATE RELEASE
29 August 2018
DIPLOMA PLC
DIRECTORATE CHANGE
Diploma PLC ("the Group" or "the Company") announces that Richard Ingram has stepped down from his role as Chief Executive Officer ("CEO") and as an Executive Director of the Board with immediate effect. John Nicholas, the Company's Non-Executive Chairman has agreed to take over as interim Executive Chairman until a permanent replacement CEO is appointed.
A process to find an external successor to Richard is now underway.
John Nicholas said:
"The Board believes that a change in CEO is in the best interests of the Company and its shareholders. The Board is fully committed to the Group's successful long term strategy and, as reported in today's Trading Update, the Company continues to perform well. Working together with Diploma's experienced senior management team I feel confident the Group's successful, consistent strategy and culture will continue to deliver profitable growth."
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation EU 596/2014.
For further information, please contact:
Diploma PLC - | +44 (0)20 7549 5700 |
John Nicholas, Chairman |
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Nigel Lingwood, Group Finance Director |
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Tulchan Communications - | +44 (0)20 7353 4200 |
Martin Robinson |
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David Allchurch |
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Guy Bates |
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NOTE TO EDITORS:
Diploma PLC is an international group of businesses supplying specialised technical products and services to the Life Sciences, Seals and Controls industries.
Diploma's businesses are focussed on supplying essential products and services which are funded by the customers' operating rather than their capital budgets, providing recurring income and stable revenue growth.
Our businesses then design their individual business models to closely meet the requirements of their customers, offering a blend of high quality customer service, deep technical support and value adding activities. By supplying essential solutions, not just products, we build strong long term relationships with our customers and suppliers, which support attractive and sustainable margins.
Finally we encourage an entrepreneurial culture in our businesses through our decentralised management structure. We want our managers to feel that they have the freedom to run their own businesses, while being able to draw on the support and resources of a larger group. These essential values ensure that decisions are made close to the customer and that the businesses are agile and responsive to changes in the market and the competitive environment.
The Group employs ca. 1,700 employees and its principal operating businesses are located in the UK, Northern Europe, North America and Australia.
Over the last ten years, the Group has grown adjusted earnings per share at an average of ca. 14% p.a. through a combination of underlying growth and acquisitions. Diploma is a member of the FTSE 250 with a market capitalisation of ca. £1.5bn.
Further information on Diploma PLC, together with a copy of this Announcement, is available at www.diplomaplc.com
LEI: 2138008OG17VYG8FGR19
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