Last checked at 28 May 2013 08:01
28 May 2013
Volex plc (the "Company")
Appointment of new Chief Executive Officer effective 1 July 2013
Volex plc ("Volex"), the global provider of customised electrical and optical interconnect solutions, today announces that Ray Walsh will be stepping down as Chief Executive Officer and from the Board as of 1 July 2013. He will be succeeded by Christoph Eisenhardt, who was most recently Group Chief Executive of KVT Koenig Group ("KVT").
Mr Walsh said: "Volex has been through significant change in the last four years on its transformation from a contract manufacturing concern to an engineering-led enterprise. Recently we have made progress in right-sizing our cost base and have acquired a strong IP portfolio and product set in the active optical technology space. It is now time for me to allow others to continue the transformation of the Company. I plan to remain a material and enthusiastic shareholder of the firm."
Ray will remain with the business for as long as required to ensure that there is a smooth handover of responsibilities to Christoph.
Mike McTighe, Chairman, commented: "The Board wants to recognise and thank Ray for what he has contributed to the business in the past four and half years. His leadership of the group through some very tough times has been exemplary."
Christoph joins Volex from KVT, the industrials group headquartered in Switzerland. During his four-year tenure, Christoph helped develop KVT into a global leader in its core markets. By building international presence and broadening its range of higher margin products and services KVT was able to deliver strong growth in sales and profitability. Prior to that, Christoph spent six years at Siemens and then Continental as Chief Executive of Siemens VDO Automotive/Continental Commercial Vehicles and Aftermarket products division, and before that as, Executive Vice President of Siemens Building Technologies Group, its security systems division.
Mike McTighe, Chairman, added: "We are very pleased to announce the appointment of Christoph as Chief Executive Officer. He has an outstanding track record in building businesses with similar characteristics to Volex into global leaders in their chosen markets. The Board is confident that under his leadership Volex will realise its full potential."
Christoph Eisenhardt said: "I am excited to be joining Volex. Volex has a long history and has established itself as an important partner for its global customer base and I look forward to further strengthening Volex's position as a leading provider of technology-driven customer engineered products."
There are no further disclosures pursuant to paragraphs 9.6.13(1) to 9.6.13(6) of the Listing Rules in relation to the appointment above.
For further information please contact:
Volex plcMike McTighe, Chairman +44 20 3370 8830
TulchanJames Macey White / Christian Cowley +44 20 7353 4200