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24 May 2012 07:00
Premier Farnell plc
Directorate Changes
Premier Farnell plc ('the company') announces that Harriet Green, its Chief Executive since 2006, will be leaving to take up the role of Group Chief Executive of Thomas Cook Group plc. Harriet will step down from the Board and her responsibilities as Chief Executive at the end of the company's annual general meeting on 12 June 2012 and will leave the company on 29 July 2012 after a hand over period.
The company is pleased to announce that Laurence Bain has been appointed Chief Executive with effect from 12 June 2012. Laurence joined the company in July 2002 and became a member of the Board in July 2003, currently holding the position of Chief Operating Officer. He has played a key role in the development and delivery of the company's strategy, including the successful growth of its eCommerce solutions and its expansion into international markets. Laurence has worked closely with Harriet and the senior leadership team to transform the business into a multichannel, high-service organisation which is constantly improving its customer proposition. Prior to joining Premier Farnell he held a number of senior executive roles, including director of operations for Motorola in Europe, the Middle East and Africa.
Nicholas Cadbury, Chief Financial Officer, will work closely with Laurence to support him in his new role and will assume some of the responsibilities currently undertaken by Laurence. The Group will release its quarter one results on 14 June 2012 as previously announced.
Commenting on the changes Val Gooding, Chairman, said:
"I would like to thank Harriet for her outstanding leadership and the very significant contribution she has made over the last six years to the strategic transformation of Premier Farnell. She has led the company to become a global, high service, web business, consistently delivering industry-leading returns across the economic cycles whilst building an excellent team thus ensuring robust management succession. The company is now in a considerably stronger position and can look to the future with confidence. We wish Harriet well for the exciting opportunity ahead of her.
"I am delighted that Laurence has accepted the role of Chief Executive. He has an outstanding knowledge of our market and our business and is committed to delivering high service to our customers and improving the profitability of the company. I look forward to working with him in the next phase of our journey."
Laurence Bain said: "I am very positive about the opportunities ahead of us. With continued focus on providing great service to the engineering community, our multichannel strategy, led by the web and growth in emerging markets, I believe that the company can go from strength to strength. I have an outstanding management team who will help drive the company forward to lead the industry and provide the excellent experience our customers deserve. I wish Harriet every success in her new venture."
Harriet Green said:
"Premier Farnell is an extraordinary business which I have been privileged to lead with the support of a strong management team. We have made significant progress in transforming the company into the trusted global source for engineering solutions. I am confident that Laurence has the knowledge and experience to take the group forward. I leave Premier Farnell knowing that the company has a bright future under strong leadership."
For further information about the Group visit www.premierfarnell.com
ENDS Enquiries:
Val Gooding, Chairman, Premier Farnell plc, +44 207 851 4100
Jenny Peters, Head of Corporate Communications, Premier Farnell plc +44 207 851 4102
Andrew Lorenz, FTI Consulting +44 (0)7775 641 807 / +44 207 269 7291
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