Board Appointments

21 Sep 2006 18:19

Renold PLC21 September 2006 21 September 2006 RENOLD plc Board Appointments Renold plc is pleased to announce the appointment of two Non-ExecutiveDirectors. Matthew Peacock will be joining the Board as Chairman and Rod Powellwill be a Non-Executive Director with immediate effect. These appointments follow the announcement at the AGM on 19 September 2006 whenRoger Leverton, Chairman and Mark Smith, Senior Non-Executive Director announcedtheir intention to step down from the Company as Non-Executive Directors, whichthey have done today with immediate effect. Matthew Peacock, aged 44, is the co-founder of Hanover Investors, a specialistturnaround investment firm based in London and New York. Prior to Hanover,Matthew ran the International M&A team in London at Barclays De Zoete Wedd in1989, having previously worked in New York for Credit Suisse First Boston. RodPowell was Chief Executive of the Control Systems Division of Invensys. Bob Davies, Chief Executive commented; "I would like to express my thanks onbehalf of the Board to both Roger and Mark for their assistance and wise counselover many years and in particular on a personal level since I joined the Companyin 2004. They both have helped us through a difficult period and given therecovery in the Group's performance and following the recent restructuring, theyhave now decided the time is right to step down from the Board. We welcomeMatthew and Rod and look forward to working with them as the Company continuesto move forward." As the Chairman expressed at the AGM this week, the results of the first fivemonths have shown a continuation of the substantially improved performance seenin the second half of last year. Steel prices have remained relatively stable sofar, although there is some indication of upward pressure in the second half.Order intake over recent months has been encouraging, with the order bookbalance at the end of August up 14% from the beginning of the year, andcumulative orders for the first five months up 16% over the previous year. Enquiries: Renold plcRobert Davies, Chief Executive 0161 498 4500Peter Bream, Finance Director Weber Shandwick Square Mile 0207 067 0700Terry Garrett / Stephanie Badjonat This information is provided by RNS The company news service from the London Stock Exchange