Last checked at 25 Apr 2012 11:00
Titon Holdings Plc
Directorate Change
25th April 2012
Titon Holdings Plc ("Titon" or "the Company"), the ventilation and window and door hardware group, announces that Mr Keith Ritchie is re-joining the Board of Directors as an Executive Director with effect from 30 April 2012. Mr Ritchie was a Non Executive Director of Titon between February 2005 and June 2009 and has maintained close links with the Company between 2009 and now. Mr Ritchie, a Chartered Accountant, has had a long career in the City of London working for a number of financial institutions. He leaves Bank of America Merrill Lynch after spending nearly 12 years there as a Director in the Global Markets division and was a board member of a number of subsidiary companies, with executive responsibilities.
Mr Ritchie and his wife together have a beneficial interest over 927,280 Ordinary Shares in the Company, representing 8.8% of the Company's issued Ordinary Share Capital. No further details are required to be disclosed in accordance with Rule 9.6.13 of the Listing Rules.
It is also announced that Mr John Anderson will retire as Chairman and Executive Director of Titon with effect from 1st July 2012 and will become a Non Executive Director and Deputy Chairman from that date. Mr Keith Ritchie will be appointed Executive Chairman from 1st July 2012.
Commenting on these changes Mr John Anderson said: "I have decided that, in my 70th year, this is the right time for me to stand down from executive duties. As Titon's founder and major shareholder, I believe it is vital that we appoint the right person to take the Company forward in an increasingly complex business world and under the most challenging economic circumstances. Keith brings to Titon a wealth of knowledge and experience from the City of London and has gained a very good understanding of Titon's business from his links with the Company over the last 7 years. I am confident that Keith, alongside the existing senior management team, will lead Titon successfully in the future and he has my full support."
Contact details: Chairman Mr John Anderson 01206 713800