XCH.L Regulatory News (XCH)

Xchanging plc

Board Appointments

Xchanging plc ("Xchanging"), the global business processing company, is pleased to announce the appointment of Ken Lever as Chief Executive Officer with immediate effect. Xchanging is also pleased to announce the appointment of David Bauernfeind to the Board as Chief Financial Officer also with immediate effect.

Since 9 February Ken Lever has been Acting Chief Executive Officer in addition to his role as Chief Financial Officer. He now relinquishes the latter role.

David Bauernfeind joined Xchanging in April 2001 as Chief Financial Officer of Xchanging HR Services. Since then he has held senior finance roles at Xchanging, including a period based in Frankfurt as Finance and Commercial Director of Xchanging Continental Europe Region. David Bauernfeind is currently Chief Operating Officer and Commercial Director of the Xchanging UK region, a role he has held since April 2009. He is a qualified chartered accountant having spent five years with Deloitte and Touche.

With Ken Lever's new appointment, Nigel Rich will resume his role as Chairman having acted as executive Chairman since 9 February 2011.

Commenting on these appointments, Chairman Nigel Rich said: "Ken Lever has brought considerable benefits to the company since joining last year and as Chief Executive Officer he has made significant progress in solving some of the major issues facing the company. I am delighted he has accepted the role of Chief Executive Officer.

David Bauernfeind has extensive financial and operating experience of the various areas of the business having worked in almost all of them in senior financial positions since he joined the company ten years ago. We are pleased to welcome him to the Board in his new role as Chief Financial Officer."

No further information is required to be disclosed pursuant to LR 9.6.13R.

7 June 2011

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Editorial Notes

Ken Lever

Ken Lever joined Xchanging in October 2010 from Numonyx B.V., the Swiss-based technology company, where he was Chief Financial Officer and Senior Vice President. Previously he had served as Chief Financial Officer of Tomkins plc, the global engineering and manufacturing group, from 1999 to 2007. Prior to that he was Finance Director at Albright & Wilson plc, the FTSE 250 chemicals manufacturer and previously he was Finance Director at the international construction, house building and aggregates group, Alfred McAlpine. 

Since September 2008, he has been a member of the Accounting Standards Board, the UK accounting standard setting authority of the Financial Reporting Council, having previously chaired the Financial Reporting Committee of the UK 100 Group of Finance Directors.

David Bauernfeind

David Bauernfeind joined Xchanging in April 2001 as Chief Financial Officer of Xchanging HR Services. Since then he has held senior finance roles at Xchanging, including a period based in Frankfurt as Finance and Commercial Director of Xchanging Continental Europe Region.

Prior to this, he was Financial Controller, Defence at BAE Systems following periods in finance roles at Airbus and Johnson Matthey PLC and five years with Deloitte and Touche in London.

About Xchanging

Xchanging provides business processing services which are applicable across industries, such as procurement, human resources and technology, as well as industry-specific offerings for insurers and financial services companies.

Xchanging also provides a range of advisory services and software products which add value for customers by helping to improve the efficiency and effectiveness of their processes.

www.xchanging.com