Last checked at 13 Apr 2023 07:00
13 April 2023
Oxford Instruments plc
CEO succession
Ian Barkshire to retire and Richard Tyson to be appointed as Chief Executive Officer
This announcement contains inside information.
Oxford Instruments plc, which provides high-technology products and systems to the world's leading companies and scientific research communities, has today announced the forthcoming retirement, with the agreement of the Board, of Chief Executive Ian Barkshire, who will leave after seven years as Chief Executive and more than 25 years with the company.
Richard Tyson, currently Chief Executive Officer at global electronics company TT Electronics plc, has been appointed as Ian's successor.
We are working with Richard and TT Electronics to agree the date he will commence in the role, and will make a further announcement in due course. It is intended that Ian will continue as Chief Executive until Richard joins, and will then ensure a smooth transition of leadership.
Richard Tyson, Chief Executive Officer of TT Electronics plc since 2014, and Non-Executive Director at Videndum plc since 2018, has a strong track record of successful business leadership in the technology sector spanning more than 30 years. During his time at TT Electronics plc, he has transformed, reshaped and refocused the business, delivering product innovation, building the group organically and through acquisition, and delivering growth in revenue, profits and margin. Prior to taking on the role of CEO at TT Electronics plc, Richard held senior roles at defence group Cobham, where he led the aerospace and security division, and at Goodrich Aerospace.
Neil Carson, Chair of the Board of Oxford Instruments plc, said: "Ian Barkshire has led Oxford Instruments through a period of remarkable growth, positioning the business in structural growth markets and transforming it into a global leader through the deployment of the Horizon strategy. In doing so, he has remained focused on our people and our purpose - to enable a greener, healthier, more connected advanced society - as the drivers of success. He leaves the business stronger than ever, and can look back on his long career with Oxford Instruments with immense pride. On behalf of the Board and all his colleagues, I would like to thank Ian for the tremendous contribution he has made, and to wish him and his family every happiness in the future.
"I am delighted that Richard Tyson will be joining us to lead us through the next phase of our growth. With his record of success and his wealth of expertise in high technology innovation and global manufacturing, Richard is ideally placed to build from the position of strength created by Ian and Chief Financial Officer Gavin Hill, along with our leadership team, and to continue Oxford Instruments' positive trajectory as one of the UK's leading global technology companies."
Ian Barkshire said: "I am proud to have led Oxford Instruments, working with the Board and leadership team to drive the transformation we have delivered through the Horizon strategy. It has been an honour to steer one of the UK's most innovative companies, and to work with some of the most dedicated and talented people in our industry. I am fully committed to continuing our growth trajectory through my remaining time in post, and to supporting Richard, the Board and my colleagues during the forthcoming period of transition."
Richard Tyson said: "I have long been an admirer of Oxford Instruments, as one of the most exciting technology companies operating today. I look forward to building on the strong foundations created by Ian and the management team, and to maximising the company's potential to thrive and grow in its target markets."
Richard does not own any shares in Oxford Instruments plc and there are no further details to be disclosed under paragraph 9.6.13 of the Listing Rules.
The remuneration arrangements relating to Ian Barkshire's retirement will be in line with Oxford Instruments plc's shareholder-approved Remuneration Policy and further to confirmation of the associated timings in due course, will be disclosed in accordance with section 430(2B) of the Companies Act 2006 on the company's website and 2023 Directors' Remuneration Report.
LEI number of Oxford Instruments plc: 213800J364EZD6UCE231
Enquiries:
Oxford Instruments plc Tel: 07720 999764
Julian Wais, Head of Investor Relations
MHP Communications Tel: 020 3128 8100 / 07884 494112
Katie Hunt/Eleni Menikou/Veronica Farah
oxfordinstruments@mhpc.com
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Issued for and on behalf of Oxford Instruments plc
About Oxford Instruments
Oxford Instruments designs, supplies and supports high-technology products and systems which allow the world's leading companies and scientific research communities to image, analyse and manipulate materials down to the atomic and molecular level. The Group's products and services help its customers to accelerate R&D, increase manufacturing productivity and make ground-breaking discoveries across its key market segments: Semiconductor & Communications, Advanced Materials, Healthcare & Life Science, Energy & Environment and Quantum Technology.
Innovation is the driving force behind Oxford Instruments' growth and success, supporting its core purpose to enable a greener, healthier, more connected advanced society. Founded in 1959 as the first technology business to be spun out from Oxford University, Oxford Instruments is now a global company listed on the FTSE250 index of the London Stock Exchange (OXIG). Its customer-centric, market-focused strategy creates competitive advantage through understanding the technical and commercial challenges in markets with long-term structural growth drivers.
For more information, visit www.oxinst.com