Last checked at 27 Jul 2023 07:00
27 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
TT Electronics plc
CEO Appointment
TT Electronics plc ("TT", "the Group"), a global provider of engineered electronics for performance critical applications, announces that Peter France has been appointed as Group Chief Executive Officer. He will succeed Richard Tyson, following the announcement made on 13 April 2023 of Richard's proposed departure.
Peter has a distinguished track record in the industrial engineering and manufacturing sector, following a 28-year career at Rotork plc, including nine years as CEO. Peter is also a non-executive director of Spirax-Sarco Engineering plc.
Peter has been CEO of ASCO Group, an industrial services provider to global energy markets, since 2018. He will join TT and become a member of the Board on 2 October 2023 at which point Richard will leave the company and step down from the Board, allowing for an orderly transition of leadership.
TT will announce its interim results for the six months ended 30 June 2023 on Thursday 3 August 2023.
Warren Tucker, Chairman, said:
"I am delighted to welcome Peter as our new CEO to lead the Group through the next phase of our evolution and accelerate our ambitious global growth strategy, building upon the strong platform and trading momentum created by Richard and the team in recent years. The Board is looking forward to working closely with Peter, whose experience of delivering sustainable growth and margin expansion across international engineering businesses means he is ideally placed to bring further success to TT Electronics."
Peter France said:
"I am excited to be joining TT Electronics, a UK headquartered industrial business, delivering specialist technology solutions for some of the world's most important challenges, including efficient electrification. With an experienced board and management team, clear values and culture, and attractive positions in structurally growing markets, I am confident we will together deliver sustainable organic and, in due course, inorganic growth to drive value creation for all our stakeholders."
Peter does not own any shares in TT Electronics plc and there are no further details to be disclosed under paragraph 9.6.13 of the Listing Rules.
The remuneration arrangements relating to Peter's appointment, which will be in line with the Remuneration Policy approved by shareholders at the 2023 Annual General Meeting, will be set out in the 2023 Directors' Remuneration Report. The remuneration arrangements relating to Richard Tyson's departure will be disclosed in accordance with section 430(2B) of the Companies Act 2006 on TT's website in due course.
For further information please contact:
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TT Electronics plc | Tel: +44 (0)1932 827 779 |
Warren Tucker, Chairman Richard Tyson, Chief Executive Officer Mark Hoad, Chief Financial Officer Kate Moy, Head of Investor Relations and Communications | |
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MHP | Tel: +44 (0)20 3128 8100 |
Tim Rowntree / Ollie Hoare | |
About TT Electronics
TT Electronics is a global provider of engineered electronics for performance critical applications.
The company operates in industries where there are structural growth drivers, working with market-leading customers primarily in the industrial, medical, aerospace and defence sectors. Products designed and manufactured include sensors, power management devices and connectivity solutions. TT has design and manufacturing facilities in the UK, US, Sweden and Asia.
The company has three divisions. The Power and Connectivity division designs and manufactures power application products and connectivity devices which enable the capture and wireless transfer of data. We collaborate with our customers to develop innovative solutions to optimise their electronic systems. The Global Manufacturing Solutions division provides manufacturing services and engineering solutions for our product divisions and to customers that often require a lower volume and higher mix of different products. We manufacture complex integrated product assemblies for our customers and provide engineering services including designing testing solutions and value-engineering. The Sensors and Specialist Components division works with customers to develop standard and customised solutions including sensors and power management devices. Our solutions improve the precision, speed and reliability of critical aspects of our customers' applications.