REG - Focusrite PLC - Board Changes, Appointment of New NED

FocusriteAnnouncement

17/12/2021 10:40

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211217:nRSQ0490Wa&default-theme=true

RNS Number : 0490W  Focusrite PLC  17 December 2021

For release: 17 December 2021

Focusrite plc

("the Company" or "the Group")

Board Changes and Appointment of New Non-executive Director

Focusrite plc (AIM: TUNE), the global music and audio products company
supplying hardware and software used by professional and amateur musicians and
the entertainment industry, is pleased to announce the appointment of Mike
Butterworth as a new independent Non-executive Director and Chair of the Audit
Committee.

Mike, aged 60, has over 25 years' experience in senior finance roles in FTSE
250, Small Cap, and AIM businesses across a broad range of sectors.  He was
CFO of Incepta Group, prior to its acquisition by Huntsworth in 2005, and then
Cookson Group until its demerger in 2012.  He is a former Non-executive
Director and Chair of the Audit Committee of Kin and Carta plc, Johnston Press
plc, Stock Spirits Group plc, and Cambian Group plc.

Mike is currently a Non-executive Director and Chair of the Audit Committee at
Pressure Technologies plc and Hammerson plc.  He is a qualified chartered
accountant with an Honours degree in Philosophy, Politics, and Economics from
the University of Oxford.  Additional information in accordance with
paragraph (g) of Schedule Two to the AIM Rules for Companies is given below.

Mike is replacing Paul Dean, current independent Non-executive Director and
Chair of the Audit Committee, who has served on the Board since the IPO and is
now retiring from the Company in line with corporate governance best practice.

The Company also announces that Phil Dudderidge, currently Executive Chairman
and Founder of Focusrite, will move to become Non-executive Chairman.

David Bezem, independent Non-executive Director and Chair of the Remuneration
and Nomination Committees, will become Senior Independent Director and Naomi
Climer, independent Non-executive Director, will take over as Chair of the
Remuneration Committee. Naomi currently fulfils this role on the Board of
Oxford Metrics Plc.

All of the above changes to the Board are effective from 1 January 2022.

Commenting on the changes, Phil Dudderidge said:

"It has been a great pleasure to know and work with Paul over many years.  We
have benefited enormously from his contribution, sage counsel, and wealth of
experience.  We will very much miss his input and on behalf of all
stakeholders in the Company, I would like to thank him for his invaluable
advice and for the immeasurable contribution he has made.  We wish him all
the very best for the future.

"At the same time, we are delighted to welcome Mike to the Board and look
forward to working with him as we enter the next stage of the Group's
development.  He has an impressive track record of leading and advising
companies in both executive and non-executive capacities.  His experience
since 2010 in chairing audit committees and in Non-executive Director roles,
together with his cross-sector expertise, will benefit our Group as we enter
the next stage of growth."

Additional Information

The following additional information is provided in accordance with paragraph
(g) of Schedule Two to the AIM Rules for Companies.

 

 

Mike Butterworth (aged 60)

 

 Current Directorships/Partnerships  Directorships/Partnerships held within the past five (5) years
 Hammerson PLC                       Stock Spirits Group Plc

 Pressure Technologies PLC           Kin & Carta PLC

                                     Cambian Group plc

                                     Johnston Press Plc

                                     Anglia Newspapers Limited

                                     Century Newspapers Limited

                                     Derry Journal Limited

                                     Isle of Man Courier Holdings Limited

                                     Johnston Press Bond plc

                                     Johnston Press Ireland Limited

                                     Johnston Publications Limited

                                     Johnston Publishing Limited

                                     Montrose Review Press Limited

                                     Morton Newspapers Limited

                                     Northamptonshire Newspapers Limited

                                     North Notts Newspapers Limited

                                     Peterboro' Web Limited

                                     Premier Newspapers Limited

                                     Regional Independent Media Group Limited

                                     TR Beckett Limited

                                     The Tweeddale Press

                                     Wilfred Edmunds Limited

                                     Yorkshire Regional Newspapers Limited

 

Mike was appointed as a Non-Executive Director of Johnston Press plc in June
2016. In March 2018 the company announced a strategic review which resulted in
its filing for administration in November 2018, after an unsuccessful sale
process. The Administrators' Progress Report, published in March 2020,
anticipates that the bondholders, who were due £220 million upon appointment
of the administrators, are likely to suffer a shortfall of approximately £48
million. Based on the outcomes of the administrators' investigations into the
conduct of the directors and transactions entered into prior to the
insolvencies, there were no matters identified that required further action.

There is no other information that is required to be disclosed pursuant to
paragraph (g) of Schedule Two to the AIM Rules for Companies.

 

-ends-

 

 

 

Enquiries:

Focusrite
plc
+44 (0) 149 446 2246

Tim Carroll, Chief Executive Officer

Sally McKone, Chief Financial Officer

 

Investec Bank plc (Nominated Adviser and Joint Broker)
+44 (0) 20 7597 5970

David Flin

William Brinkley

Charlotte Young

 

Peel Hunt LLP (Joint
Broker)
+44 (0) 20 7418 8900

Edward Knight

Michael Burke

James Smith

 

Belvedere
Communications
+44 (0) 20 3687 2756

John West

Llew Angus

 

The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014.

Notes to Editors

Focusrite plc is a global audio products group that develops and markets
proprietary hardware and software products. Used by audio professionals and
musicians, its solutions facilitate the high-quality production of recorded
and live sound. The Focusrite Group trades under eight established brands:
Focusrite, Focusrite Pro, Novation, Ampify, ADAM Audio, Martin Audio, Optimal
Au-dio, and Sequential.

With a high-quality reputation and a rich heritage spanning decades, its
brands are category leaders in the music-making and audio recording
industries. Focusrite and Focusrite Pro offer audio interfaces and other
products for recording musicians, producers, and professional audio
facilities. Novation and Ampify products are used in the creation of
electronic music, from synthesisers and grooveboxes to industry-shaping
controllers and inspirational music-making apps. ADAM Audio studio monitors
have earned a worldwide reputation based on technological innovation in the
field of studio loudspeaker technology. Martin Audio designs and manufactures
performance-ready systems across the spectrum of sound reinforcement
applications. Sequential designs and manufactures high end analogue
synthesizers.

The Focusrite Group has offices in four continents and a global customer base
with a distribution network covering approximately 240 territories.

Focusrite plc is traded on the AIM market, London Stock Exchange.

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOATRBMTMTJBBFB