REG - CML Microsystems PLC - Update on Group FD recruitment

CML MicrosystemsAnnouncement

17/01/2020 07:00

RNS Number : 0910A
CML Microsystems PLC
17 January 2020
 


CML Microsystems Plc
(The "Company" or the "Group")
Update on Group Financial Director recruitment process
The Group announced, in November 2019, that a process had begun to appoint a successor to Neil Pritchard, Group Financial Director, following his resignation to pursue other career opportunities. Neil Pritchard will depart the Group at the end of February 2020.
As part of that process, the Board has reviewed its near-term objectives and underlying senior management resources within the Group's finance function along with timing around the Group's current strategic needs and actions. As a result, the Board has concluded that stakeholder interests are best served by delaying the recruitment process into the next financial year, commencing 1 April 2020.
As an interim measure, the Board has decided that Nigel Clark, Group Non-Executive Chairman, will adopt the additional executive role of Financial Director. Nigel was formerly the Group's Financial Director and will retain this dual role until the recruitment process has been completed. Nigel will step off the Audit Committee for the duration of his dual role.  
Whilst a firm timescale for the succession process is difficult to predict, the Board does not currently expect it to be completed during the first six-months of the next financial year. A further announcement will be made in due course.
 



CML Microsystems Plc
Nigel Clark, Group Chairman and Financial Director
Chris Gurry, Group Managing Director
 


www.cmlmicroplc.com

Tel: +44 (0)1621 875 500




Shore Capital
Advisory
Edward Mansfield
James Thomas
 
Broking
Fiona Conroy
 


Tel: +44(0)20 7408 4090




SP Angel Corporate Finance LLP
Jeff Keating
 


Tel: +44(0)203 463 2260




Alma PR
Josh Royston
Caroline Forde
 


Tel: +44 (0)20 3405 0212
 



 
About CML Microsystems PLC
CML designs and develops semiconductors for the industrial storage and communications markets. The Group utilises a combination of in-house and outsourced manufacturing and has trading operations in Europe, the Far East and USA. CML targets niche markets with strong growth profiles and high barriers to entry. It has secured a diverse, blue chip customer base, including some of the world's leading telecoms equipment providers and industrial product manufacturers
The spread of its customers and products largely protects the business from the cyclicality usually associated with the semiconductor industry. Growth in its end markets is being driven by factors such as the ever increasing trend towards solid state storage devices in the commercial and industrial sectors, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial communications networks for voice and/or data communications linked to the industrial internet of things (IIoT).
The Group is cash-generative, has a net cash position and is dividend paying.
 
 
 




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.
 
END
 
 
MSCBFMRTMTJBBAM