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8 Jan 2025 07:00
8 January 2025
TT Electronics plc
Board Change
TT Electronics plc ("TT", the "Company"), a global engineer and manufacturer of electronic solutions for critical applications, announces that it has appointed Eric Lakin to succeed Mark Hoad as Chief Financial Officer ("CFO"), following the announcement on 14 November 2024 of his intention to retire after 10 years with the Group.
Eric is a highly experienced CFO with a proven track record in engineering and industrial sectors. He was most recently CFO of Ceres Power, a FTSE clean energy technology business. Before that he spent 10 years at Smiths Group in a variety of roles, latterly as CFO of Smiths Interconnect, responsible for finance and strategy in this £350m electronics division with manufacturing locations in 10 countries across Europe, Asia and North America. His early career includes roles in private equity and corporate finance at Oakley Capital, Alchemy Partners and BT Group, as a research analyst at BAML and Credit Suisse, and as a strategy consultant at Arthur D Little. Eric is a Chartered Management Accountant and holds an MA in Electrical and Information Sciences from Cambridge University.
Eric will join TT on 13 January as CFO Designate, until the results for the year ended 31 December 2024 are announced, which is scheduled on 4 March 2025. On this date Mark will step down as CFO and from the Board, and Eric will be appointed CFO and a member of the Board. Mark will remain available to the Company until 30 September 2025.
Peter France, Chief Executive Officer, commented:
"I am delighted to be able to announce today's appointment of Eric. He has very strong credentials in strategic, financial and operational matters for an international manufacturing business like ours and I am really pleased that we can get to work immediately."
Eric Lakin, CFO Designate, commented:
"I'm genuinely excited to be joining TT Electronics at a pivotal point in the development of the business. I look forward to working with Peter to maximise the opportunities available to TT, deliver its full potential, and help drive improvement in returns for shareholders."
Eric Lakin has been during the last five years, a director of the following companies:
Previous Ceres Power Holdings PLC
There are no further matters that require disclosure under 6.4.8R of the UK Listing Rules in relation to Eric Lakin's appointment.
For further information please contact:
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TT Electronics plc | Tel: +44 (0)1932 827 779 | |
Peter France, Chief Executive Officer Kate Moy, Head of Investor Relations and Communications | ||
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MHP | Tel: +44 (0)7817 458804 | |
Tim Rowntree / Ollie Hoare | ||
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About TT Electronics
TT Electronics is a global provider of engineered electronics for performance critical applications.
TT solves technology challenges for a sustainable world. TT benefits from enduring megatrends in structurally high-growth markets including healthcare, aerospace, defence, electrification and automation. TT invests in R&D to create designed-in products where reliability is mission critical. Products designed and manufactured include sensors, power management and connectivity solutions. TT has design and manufacturing facilities in the UK, North America, and Asia.
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