Morgan Advanced Materials Regulatory News (MGAM)

Press Release

Morgan Advanced Materials plc ("Morgan Advanced Materials" or "the Company")

2 July 2018

Chairman change

The Board of Directors ("the Board") of Morgan Advanced Materials announces that, after serving on the Board for six years, Andrew Shilston intends to step down as Chairman and retire from the Board at the end of 2018.

The Board has completed a process led by Laurence Mulliez, the Senior Independent Director, to appoint Mr Shilston's successor and announces that Douglas Caster CBE, Non-executive Director, will be appointed Chairman, with effect from 1 January 2019.

Andrew Shilston has served as Chairman of Morgan Advanced Materials since 1 August 2012, having been appointed to the Board on 7 May 2012 as Non-executive Director and Chairman Designate.

Douglas Caster was appointed to the Board on 14 February 2014 as an independent Non-executive Director. Douglas acted as Senior Independent Director from 1 January 2015 to 8 December 2017 and has acted as Chairman of the Remuneration Committee since his appointment to the Board in February 2014. Further biographical details about Douglas Caster may be found in the Notes at the end of this announcement.

Laurence Mulliez, Senior Independent Director of Morgan Advanced Materials, commented:

"The Board would like to thank Andrew for his very considerable contribution to the Group. He has provided invaluable counsel and guidance to the management team in implementing the new strategy and re-shaping Morgan and leaves the Group well positioned to achieve enhanced profitable growth. Andrew has completely renewed the membership of the Board during his tenure and, on behalf of my fellow Directors, I would like to thank him for his excellent chairmanship and wish him well for the future."

Douglas Caster, Non-executive Director, commented:

"I am delighted to have been selected as the future Chairman of Morgan Advanced Materials and look forward to continuing to contribute to the long-term success of the Company."

The Board will now commence a process to select an additional Non-executive Director.

Appointment of Chair of the Remuneration Committee

The Board also announces that Helen Bunch, non-executive Director, will succeed Douglas Caster as Chair of the Remuneration Committee with effect from 1 January 2019. Helen Bunch has served on the Board since 24 February 2016 and as a member of the Remuneration Committee since her appointment.

This notification is given in accordance with LR 9.6.11. There are no further matters to be disclosed pursuant to Listing Rule 9.6.13. 

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Notes:

Douglas Caster is currently Chairman of Ultra Electronics, a role he assumed in April 2011, having served on the Board since 1993. Douglas is also Chairman of Metalysis Limited. Douglas has more than 40 years' experience in engineering, having begun his career as an electronics design engineer with Racal Electronics Group in 1975. He also worked at Schlumberger and subsequently Dowty, where he participated in the management buyout which formed Ultra Electronics.

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