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Board and Operational Management Changes

25 Apr 2017 07:05

RNS Number : 1776D
Northbridge Industrial Services PLC
25 April 2017
 

25 April 2017

Northbridge Industrial Services Plc.

("Northbridge" or the "Group")

Board and Operational Management Changes

Northbridge Industrial Services plc, the industrial services and rental company, is pleased to announce the following Board and operational management changes:

Nitin Kaul has been appointed as a Non-Executive Director to the Board with effect from 1 May.

Nitin brings a wealth of experience relevant to Northbridge's business. He has considerable experience of the Oil and Gas and Marine industries and also of working in important geographies to Northbridge, most notably, EMEA, Asia Pacific and in emerging markets. Nitin has held a number of senior roles, most recently for four years as President of Oil & Gas/Marine and President of Emerging Markets at The Gates Corporation and previously as an Executive Director, Corporate Development at Tomkins PLC.

Michael Dodson, who became a shareholder and then a Non-Executive Director at the time of the Northbridge IPO in 2006 following its acquisition of the original Crestchic business, will, after 11 years' valuable service, be leaving the Board with effect from 7 June. These changes have led to a reorganisation of the responsibilities of the Non-Executive Directors. With effect from 7 June, David Marshall is appointed Senior Non-Executive and is stepping down as Chairman of the Audit Committee; Ash Mehta, already a Non-Executive Director of Northbridge, will assume the role of Chairman of the Audit Committee and Nitin Kaul will take over as Chairman of the Remuneration Committee.

The operational management of Northbridge is also undergoing some changes to better reflect the structure of the Group following its recent reorganisation in preparation for the expected recovery in Northbridge's business and focus on future growth. Ian Gardner, who is an Executive Director, becomes Managing Director of the Tasman Group of Companies, which operate Northbridge's global oil tools operations and Chris Caldwell, a Senior Manager but not a Board Member and currently UK Rental Director, becomes Managing Director of Crestchic's global loadbank and transformer operations.

Commenting on the Board changes Peter Harris, Chairman, said:

"We are delighted to welcome Nitin Kaul to the Board as he has huge experience in many of our markets, which will be of tremendous benefit to Northbridge.

On behalf of the whole Board I would like to thank Michael Dodson for his considerable input and advice over the last 11 years and we are sorry to see the departure of our longest serving Non-Executive Director of Northbridge.

We believe that the restructure of the Board and senior management best positions the Group to benefit from the anticipated recovery in our existing markets and to exploit emerging new markets for our products and services".

 

For further information:

Northbridge Industrial Services plc 01283 531645

Eric Hook, Chief Executive Officer

Iwan Phillips, Finance Director

Stockdale Securities Limited (Nominated Adviser and Broker) 020 7601 6100

Robert Finlay / Antonio Bossi / Henry Willcocks

Buchanan Communications 020 7466 5000

Charles Ryland / Stephanie Watson / Catriona Flint

 

About Northbridge:

Northbridge Industrial Services plc hires and sells specialist industrial equipment. With offices or agents in the UK, USA, Dubai, Belgium, Germany, France, Australia, New Zealand, Singapore, China, Brazil and South Korea, Northbridge has a global customer base. This includes utility companies, the oil and gas sector, shipping, banking, mining, construction and the public sector. The product range includes loadbanks, transformers, and oil tools. Northbridge was admitted to AIM in 2006 since when it has grown by providing a high level of service, responsiveness and flexibility to customers. It has grown by the acquisition of companies in the UK, Dubai, Australia, Belgium, New Zealand and Singapore and through investing further in those acquired companies to make them more successful. Northbridge continues to seek suitable businesses for acquisition across the world.

 

Additional information on Nitin Kaul:

The following are Nitin Kaul's current and past directorships

Present directorships / partnerships

Former directorships / partnerships held over past five years

 

Duncan Engineering Ltd (formerly known as Schrader Duncan Limited)

The Gates Corporation

 

Airay Limited

 

Syndeo Capital Limited

 

Nitin Kaul (42 years of age) holds no interest in the share capital of the Company. There is no further information to be disclosed on Nitin Kaul in accordance with Schedule 2(g) of the AIM Rules

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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