Last checked at 16 Nov 2012 07:00
RECORD PLC
MANAGEMENT REORGANISATION
Record plc ("Record" or the "Company"), the specialist currency manager, announces today that it will be undertaking a management reorganisation. As a result of this reorganisation, the combined position of Chief Financial Officer and Chief Operating Officer currently held by Paul Sheriff will be replaced by a separate Chief Financial Officer and Chief Operating Officer. Record anticipates that it will make internal appointments in respect of both of these positions, and Record and Mr. Sheriff have agreed that he will leave Record's employment and cease to be a director of Record plc with effect from 31st March 2013.
Commenting on today's announcement, Neil Record, Chairman of Record plc, said: "Paul has made a significant contribution to Record's development in the four years he has been with the firm, developing the finance and operations teams, improving the corporate governance and risk framework of the Group and successfully delivering the project to replace the core middle and back office systems at Record. On behalf of the Board of Directors, I would like to thank Paul for this contribution and to wish him well for the future."
James Wood-Collins, Chief Executive Officer, said: "I too would like to acknowledge Paul's many successes at Record. In particular I appreciate the work he has done in developing and strengthening his teams, and I am excited about the prospect of offering senior individuals at Record more responsibility in these new positions. I am also grateful to Paul for agreeing to continue through to the end of this financial year to ensure a smooth transition in respect of each position."
No changes are being made to the management of Record's client-facing or investment functions. The position of Chief Financial Officer will also involve a new appointment to the Board, and Record is confident of making an announcement to this effect before the end of the current financial year.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
Neil Record
James Wood-Collins
MHP Tel: +44 (0) 20 3128 8100
Nick Denton
John Olsen
Vicky Watkins
Notes to Editors
Record plc
Record is a specialist currency manager and provider of currency hedging services for institutional clients. Founded in 1983, Record has established a market leading position as a currency manager. Specifically, the Group has a leading position in managing Dynamic Hedging and Currency for Return for institutional clients.
The Group has three principal product lines:
- Dynamic Hedging, formerly known as Active Hedging, where Record seeks to eliminate the impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies when these movements are expected to result in an economic loss to the client, but not to do so when they are expected to result in an economic gain;
- Passive Hedging, where Record seeks to eliminate fully or partially the economic impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies; and
- Currency for Return, formerly known as Absolute Return, in which Record enters into currency contracts for clients with the objective of generating positive returns.
Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3rd December 2007.
This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives. All statements in this document, other than statements of historical fact, including words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "will", "continue", "project" and similar expressions, are forward-looking statements.
These forward-looking statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of the Company to differ materially from those expressed in or implied by such forward-looking statements.
The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement.
The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise.