Last checked at 27 Sep 2017 07:00
DIPLOMA PLC
12 CHARTERHOUSE SQUARE, LONDON EC1M 6AX
TELEPHONE: +44 (0)20 7549 5700
FACSIMILE: +44 (0)20 7549 5715
FOR IMMEDIATE RELEASE
27 September 2017
DIPLOMA PLC
RETIREMENT OF CHIEF EXECUTIVE OFFICER
Diploma PLC, the international group of businesses supplying specialised technical products and services, today announces that Bruce Thompson has informed the Board that he plans to retire as Chief Executive Officer before the end of September 2018. The notice given ensures that there is sufficient time to allow a thorough search process to take place and a smooth transition of responsibilities.
Bruce Thompson joined the Group in 1994 as Group Director of Diploma's Electronics Division. He was appointed Chief Executive Officer in 1996 and led a major restructuring of the Group, divesting the three traditional core businesses, returning cash to shareholders and re-focusing the Group. Since emerging from this restructuring in the early 2000's, the Group has followed a consistent strategy, building larger, broader based businesses in its chosen sectors by combining steady GDP-plus organic growth compounded by carefully selected value-enhancing acquisitions. Over the last 15 years, the Group has delivered strong double-digit growth in earnings, dividends and share price and has grown market capitalisation from ca. £60m to ca. £1.2bn.
John Nicholas, Chairman of Diploma PLC, commented: "Bruce has been an outstanding leader of Diploma PLC during his 21 years as Chief Executive. The Group has gone from strength to strength under his careful stewardship and Bruce will continue to provide strong leadership for the Group over the coming financial year, as the Group manages the transition to new leadership, while continuing to deliver its consistent strategy."
Bruce Thompson said: "I am very confident that I will be leaving the Group with a clearly defined and sustainable strategy with a substantial runway for further growth. I am also very pleased that the Group has in place a strong and experienced senior management team to deliver this strategy under the Group's future leadership."
1. A copy of this Statement, together with further information about Diploma PLC, may be viewed on its website at www.diplomaplc.com
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. 13% p.a. through a combination of organic growth and acquisitions. Diploma is a member of the FTSE 250 with a market capitalisation of ca. £1.2bn.
Further information on Diploma PLC can be found at www.diplomaplc.com
LEI: 2138000G17VY8FGR19
| ||||||||||||||||||||||||