TI Fluid Systems Regulatory News (TIFS)

25 January 2022

TI Fluid Systems plc

('the Company')

Retirement of the Chair of the Board and Succession

The Company's current Chair of the Board, Manfred Wennemer, has informed the Board that he has decided to retire and step down immediately following the Company's 2022 Annual General Meeting on 18 May 2022 (the "AGM"). Manfred will continue to serve as Chair of the Board and Chair of the Nomination Committee until the end of the AGM.

The Board has appointed Tim Cobbold, current Senior Independent Director and Chair of the Remuneration Committee, to succeed Manfred as Chair of the Board following the AGM. Tim joined the Board in November 2019 and has over thirty years of experience in a variety of sectors with more than ten years as Chief Executive Officer of FTSE listed organisations, including Chloride Group plc, De La Rue plc, and UBM plc. He served as a non‑executive director of Drax Group plc for nine years until September 2019 and has been a non‑executive director at Rotork plc since 2018. Tim will remain Chair of the Remuneration Committee and Senior Independent Director until the AGM.

In light of Manfred's retirement and the previously announced decision by Jeff Vanneste to step down at the AGM, an externally facilitated process is underway to identify and recruit two new independent non-executive directors. Through this process, the Board will seek to further increase its diversity while maintaining a broad mix of market knowledge and relevant financial experience to support the Company's strategic aims.

As a result, the composition of the Remuneration, Audit & Risk and Nomination Committees will change, as will the Senior Independent Director. These changes are being reviewed and annoucements regarding the composition of the Committees and the new Senior Independent Director are expected to be made at or before the AGM in May 2022.

Manfred Wennemer commented:

"It has been an honour to serve this great Company. I have enjoyed working with so many talented colleagues on the Board and throughout the Company, and I am proud of our collective achievements. I also am pleased that Tim will become the new Chair of the Board. He is ideally qualified for the role, and I am confident that, under his leadership, the Company will continue to find success and expanding opportunities as the business supports the electrification of the automotive industry with its innovative technology and advanced system capabilities."

Tim Cobbold commented:

"On behalf of the entire Board, I would like to sincerely thank Manfred for his significant contributions to the Company over the past five years. As Chair, Manfred was instrumental in the Company's UK listing and maturity into a well‑governed, resilient and sustainable business. He also provided a deep understanding and practical perspective of the automotive industry, which proved especially valuable as the Company developed and is now implementing its strategic approach to electrification. It has been a great pleasure to work alongside him. Everyone at the Company wishes Manfred all the best for a very well-deserved retirement." 

This announcement has been made in accordance with the requirements of Listing Rule 9.6.11R.

About TI Fluid Systems plc

TI Fluid Systems (LSE: TIFS) is a leading global manufacturer of fluid storage, carrying and delivery systems primarily for the light duty automotive market. With nearly 100 years of automotive fluid systems experience, TI Fluid Systems has manufacturing facilities in 107 locations across 28 countries serving all major global OEMs.