Board Changes

8 May 2006 15:08

Volex Group PLC08 May 2006 8 May 2006 Volex Group Plc Board Changes The Board of Volex Group plc, today announces that Richard Arkle has beenappointed as non-executive Chairman of the Company and Heejae Chae, formerlyChief Operations Officer, has been appointed Group Chief Executive. Martin Mayresigns as Executive Chairman and steps down from the Board. Richard Arkle, aged 56, joined the Board in April 2005 as a non-executiveDirector. He is also currently Chairman of the Audit Committee and a member ofthe Nominations and Remuneration Committees. Richard was previously a partner atKPMG LLP from 1982 to 2004. Heejae Chae, aged 37, joined the Board in June 2005. He has held seniorpositions in the industry and prior to joining the Volex Group he was WorldwideGeneral Manager of the Radio Frequency Group of Amphenol. Dimitri Goulandris, aged 39, has also been appointed a non-executive director ofthe Board. Dimitri is a director of Cycladic Capital Management Limited, whichis a major shareholder of Volex. In accordance with paragraph 9.6.13(1) of theListing Rules, it is announced that Dimitri is a current director of Permasteelisa SpA, Forthnet SA and Azkoyen SA, being public companies in Italy,Greece and Spain respectively. Derek Walter, aged 58, has tendered his resignation as a Director but willremain with the Group until a new Finance Director has been appointed and anorderly handover period has been completed. This will meet the requirements ofthe next stage of the Group's development. Volex Group plc will be announcing its preliminary results for the year ended2nd April 2006 on 14th June 2OO6. The results are expected be in line with thecurrent market consensus. Richard Arkle, commented: "The Board were very grateful to Martin for steppinginto the position of Executive Chairman last November and I would like to thankboth Martin and Derek for their contributions to the business and wish them wellfor the future. Having performed well as Chief Operations Officer, the Board hasevery confidence that Heejae will continue to lead the improvement of thebusiness as Group Chief Executive." Heejae Chae commented: "I am delighted to accept the position of Group ChiefExecutive of Volex. Since joining the business in 2005 as Chief OperationsOfficer I have been impressed with the way the business has been turned aroundand I look forward to taking Volex into its next stage of development." For further information please contact: Volex Group plc Tel: 01925 830 101 Richard Arkle, ChairmanHeejae Chae, Chief Executive Weber Shandwick Square Mile Tel: 020 7067 0700 Chris Lynch / Nick Dibden This information is provided by RNS The company news service from the London Stock Exchange