Last checked at 21 Dec 2015 08:00
Volex plc
21 December 2015
Management Changes
Volex plc, a global provider of power and data cabling solutions, today announces changes to its senior operating structure.
The Board has determined that the existing dual management structure is no longer necessary. The Divisional Chief Executive of the Power Division and Divisional Chief Executive of the Data Division will leave the business with immediate effect.
These initiatives to remove the divisional management teams, together with the steps already implemented earlier this year, will save the company over $9 million in annual operating costs.
Whilst we are continuing to see headwinds in our business, further significant cost saving opportunities have been identified at the factory level, which we intend to vigorously pursue in 2016.
The company intends to issue a trading update on 26 February 2016.
For further information please contact:
Volex plc
Nat Rothschild, Executive Chairman +44 20 3370 8830
Daren Morris, Group Chief Financial Officer +44 20 3370 8830
Liberum
Steve Pearce / Steve Tredget +44 20 3100 2000