Last checked at 11 Dec 2014 07:00
Volex plc
Quoted on London Stock Exchange (VLX.L)
("Volex" or the "Company")
11 December 2014
BOARD CHANGE
Volex announces that its Chief Financial Officer, Nick Parker, has informed the Board that after almost eighteen months in the role, he wishes to step down from the Board of Directors. Nick has agreed to remain available until the end of the year to ensure a smooth transition of his duties.
Mr Daren Morris, a qualified Chartered Accountant, who has been a non-executive Director of Volex since January 2014, has agreed to step into the role of interim Chief Financial Officer. These arrangements are intended to be short term and a search for a permanent Chief Financial Officer has now commenced.
For the duration of this interim period Daren Morris will have Board responsibility for the finance function and will step down from the various Board Committees on which he currently sits.
Karen Slatford, Chairman of the Board, said
"On behalf of the Board, I would like to thank Nick for his contribution to the Group particularly in relation to the placing and open offer and debt facility refinancing that took place in July. We wish him well for the future. With the Group's well invested, global manufacturing footprint, high quality customer base and our commitment to continuous improvement, the Board has confidence that the Company will deliver further sustainable growth in both sales and profitability."
Christoph Eisenhardt, Chief Executive Officer, said
"We wish to thank Nick for his contribution to the Company's development and wish him every success for the future. As noted at our interim results we are starting to see the commercial and financial benefits from the Volex Transformation Plan. Our focus on working more closely with our customers delivered strong growth in sales and improved margins in the first half."
For more information please contact:
Volex plc Christoph Eisenhardt, Chief Executive Officer | +44 (0)20 3370 8854 |
Investec plc (Company Broker) Patrick Robb | +44 (0)20 7597 5169 |
Tulchan Group LLP James Macey White / Christian Cowley | +44 (0)207 353 4200 |
About Volex
Volex is a global provider of power and data cabling solutions. Within its Power Division, the Company designs and manufactures power cords, duck heads and related products that are sold to the manufacturers of a broad range of devices and appliances across all industrial sectors. Within its Data Division, the Company designs and manufactures a broad range of cables and connectors (ranging from high speed copper cables to complex customised optical cable assemblies) that transfer data and are used in a broad range of areas including data networking equipment and medical equipment. Volex is listed on the London Stock Exchange and is headquartered in London, United Kingdom. More information about the Company can be found at: www.volex.com.