Carclo logo

CAR - Carclo News Story

13.85p 0.1  0.9%

Last Trade - 4:29pm

Sector
Basic Materials
Size
Micro Cap
Market Cap £11.0m
Enterprise Value £38.3m
Revenue £110.5m
Position in Universe 1517th / 1803

Carclo plc - Board restructure

Mon 5th October, 2020 7:00am
RNS Number : 0223B
Carclo plc
05 October 2020
 

5 October 2020

 

 

Carclo plc

 

 

Board restructure

 

Following the successful completion of the tripartite agreement between Carclo plc, the Carclo pension trustees and the company's bank, the Board has re-evaluated the management structure needed to take the business forward. The Board has decided that, given that the company has only two operating divisions, each of which has a strong management team, the role of Group CEO is no longer required.  As a result, Antony Collins will step down from the Board with immediate effect.  Antony joined the business as Chief Restructuring Officer in May 2019 to steer the Group through a challenging period including the exit from the Wipac business.  He was appointed interim CEO from 1 October 2019 and led the Group through the negotiations with the bank and pensions trustees culminating in the successful completion of the tripartite agreement. The Board would like to thank Antony for his contribution to the business and wishes him well for the future.

 

Nick Sanders will assume the role of Executive Chairman with immediate effect with both the Technical Plastics and Aerospace divisions reporting directly to him. This will shorten the reporting lines in the business and reduce costs.  His focus will be on enhancing shareholder value through improving the profitability of both operating divisions by driving both growth and operational effectiveness.

 

 

 

 

About Carclo plc
Carclo plc is a public company whose shares are quoted on the Main Market of the London Stock Exchange. The Group is a global provider of value-adding engineered solutions for the medical, optical and aerospace industries.

 

 

Enquiries:

 

FTI Consulting                    020 3727 1340

Nick Hasell / Susanne Yule

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
BOAMZMGGMDZGGZM
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.