Last checked at 1 May 2012 07:00
Renold plc
("Renold" or "the Company")
Board Changes and Appointment of Non-Executive Director.
Renold, a leading international supplier of industrial chains and related power transmission products, is pleased to announce the appointment of Mark Harper as a Non-Executive Director with effect from 1 May 2012.
The appointment of Mr Harper is part of a transition plan following the successful turnaround of the business over the last few years. Matthew Peacock who has been Chairman of the Board for five years intends to stand down from the board and position of Chairman at the Annual General Meeting on 12 July 2012. It is intended that Mr Harper will take over the Chairmanship of the Company at the conclusion of the Annual General Meeting on 12 July 2012.
Mr Harper, 56, became the Chief Executive of Filtrona plc at the time of its demerger from Bunzl plc in June 2005 and led a successful period of growth until his retirement in May 2011. Prior to this, he held a number of senior operational management positions within Bunzl plc and was appointed to the Bunzl plc Board in September 2004. Mr Harper is currently a Non-Executive Director of BBA Aviation plc.
David Shearer, Senior Independent Director, has also indicated that he will not be seeking re-election at the Annual General Meeting in view of his other commitments and following over five years of service to the Board. A process to find a successor to David is now under way.
Matthew Peacock, Chairman of Renold, commented:
"We are delighted to welcome Mark Harper as a Non-Executive Director, I look forward to him taking up the Chairmanship shortly. I am pleased to be able to hand over to him at a time of rapid profits growth, having completed a turnaround of the business during a period of unusual economic difficulty. The breadth and depth of Mark's industry experience makes him well suited to lead Renold over this next period in the Company's strategic development.
"On behalf of the whole Board and also personally I would like to thank David Shearer for his invaluable contribution and wise counsel over these years."
1 May 2012
ENQUIRIES:
Renold plc | 0161 498 4500 |
Bob Davies, Chief Executive | |
Brian Tenner, Finance Director | |
College Hill | 020 7457 2020 |
Mark Garraway | |
Helen Tarbet |
NOTES FOR EDITORS
Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.
Further information about Renold can be found on their website at: www.renold.com