REG - Trifast PLC - CEO appointment

TrifastAnnouncement

15/09/2023 09:15

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RNS Number : 6042M  Trifast PLC  15 September 2023

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.

 

 

Friday, 15 September 2023

 

 

 

 

 

 

 

Trifast plc

(Trifast, the Company)

 

CEO appointment

 

 

London: Trifast (LSE Symbol: TRI) announces today that Iain Percival is to be
appointed Chief Executive Officer and will join the Main Board with effect
from 20 September 2023.

 

Iain holds a BSc (Hons) Mechanical Engineering degree and, over a 30-year
career he has worked in divisional leadership positions within a number of
international manufacturing businesses.  An experienced industrialist Iain
has also gained significant experience within transformational change
environments with a key focus on cost down, supply chain productivity
initiatives, effective supply chain management and manufacturing efficiencies.
 

 

Between 2017-2021 Iain was Divisional Chief Executive at Essentra Packaging,
part of Essentra plc, a FTSE250 company.  Within this role he led the
transformation and M&A strategy which resulted in this division achieving
a return to growth and becoming a successful leading player in its sector.
 Between 2004-2016 he spent twelve years with Rexam PLC where he held senior
roles within three of its divisions before being appointed divisional CEO of
the Beverage Cans business in Europe; during 2013-2016, he strategically
reshaped the business focus and delivered top line growth through a mix of
volume recovery and market share.  Under his stewardship all these businesses
delivered value to the parent company and stakeholders.  Prior to this, he
spent 10 years in purchasing roles with Toyota Motor Europe (1993-2003) and
three years with Dowty Group plc within its fuel systems operation.

 

Following Iain's appointment to CEO, Scott Mac Meekin will step down from the
Board on 19 September 2023.  He will however remain with the business and
will be appointed Head of Strategic Transformation and continue to work
alongside the senior team primarily overseeing the ongoing delivery of the
TruProfit and working capital improvement programmes across the Group.

 

On the changes to the Board, Serena Lang, Non-Executive Chair at Trifast said:

"On behalf of everyone involved in the business I would like to thank Scott
for his enthusiasm and the personal commitment he has made to us as Interim
CEO while we identified a permanent successor for the position.  Over the
last six months, through a clearly defined recovery roadmap based on several
key self-help operational and commercial improvement programmes, Scott has
ensured a greater emphasis on aligning our objectives to achieve future
earnings growth.  We are delighted that as a Board we will continue to have
access to Scott's extensive sector knowledge and industry wide experience."

"We also welcome Iain to Trifast.  We believe that we have attracted an
experienced leader whose multifaceted skills and hands-on experience will be
invaluable as we continue to rebuild and reposition the business over the
medium-term.  We look forward to updating in more detail on progress at the
Half-year results in November."

Iain Percival, CEO elect commented:

"I am looking forward to joining Trifast and working with the global team
leaders, and engaging with staff, customers and suppliers whilst also
maintaining our focus and pace on the initiatives that are already in place
and successfully bringing business performance improvement."

Scott Mac Meekin, Head of Strategic Transformation added:

"So far, I have been impressed by the Trifast team's response to the recovery
initiatives we have put in place and that are already delivering.  Our focus
must be to maintain momentum so I am looking forward to overseeing the
roll-out of the TruProfit and working capital programmes and also supporting
Iain in his new role, and the wider Trifast team."

 

Iain currently holds no ordinary shares in the Company.

 

There are no further details to disclose relating to Iain Percival under
Listing Rule 9.6.13R.

 

 

 

 Further enquiries please contact:

 Trifast plc

 Serena Lang, Non-Executive Chair                        Tel: +44 (0) 1825 747630

 Christopher Morgan, Company Secretary                   E-mail:

                                                         Shareholders: Companysecretariat@trifast.com
                                                         (mailto:Companysecretariat@trifast.com)

                                                         General: corporate.enquiries@trifast.com
                                                         (mailto:corporate.enquiries@trifast.com)

 Peel Hunt LLP (Stockbroker & financial adviser)

 Mike Bell                                               Tel: +44 (0) 20 7418 8900

 TooleyStreet Communications (IR & media relations)

 Fiona Tooley                                            Tel: +44 (0)7785 703523

                                                         Email: fiona@tooleystreet.com (mailto:fiona@tooleystreet.com)

 

 

 

About Trifast plc (TR)

Founded in East Sussex in 1973, TR is a leading international specialist in
the design, engineering, manufacture, and distribution of high-quality
industrial fastenings and Category 'C' components principally to major global
assembly industries.

 

The Group supplies to customers in c.70 countries across a wide range of
industries, including light vehicle, heavy vehicle, health & home, energy,
tech, & infrastructure (ET&I), general industrial and distributors.
 As a full-service provider to multinational OEMs and Tier 1 companies
spanning several sectors, we deliver comprehensive support to our customers
across every requirement, from concept design through to technical engineering
consultancy, manufacturing, supply management and global logistics.

 

As an international business we are able to provide 24/7 customer support from
across key regions in the UK, Asia, Europe and North America. In addition to
our service locations, we operate a number of manufacturing facilities focused
on high volume cold forged fasteners and special parts. We have also
established Technical & Innovation Centres to support R&D and customer
collaboration across the world.

 

For more information, visit:

 

TRIFAST PLC TRI Stock | London Stock Exchange
(https://www.londonstockexchange.com/stock/TRI/trifast-plc/company-page)

Our website: www.trifast.com (http://www.trifast.com)

LinkedIn: www.linkedin.com/company/tr-fastenings
(http://www.linkedin.com/company/tr-fastenings)

Twitter: www.twitter.com/trfastenings (http://www.twitter.com/trfastenings)

Facebook: www.facebook.com/trfastenings (http://www.facebook.com/trfastenings)

TR Annual Report 2023:
https://www.trfastenings.com/investors/reports-and-presentations
(https://www.trfastenings.com/investors/reports-and-presentations)

TR Sustainability Report 2023:
https://www.trfastenings.com/investors/reports-and-presentations
(https://www.trfastenings.com/investors/reports-and-presentations)

 

 

Note

Trifast, TR and TR Fastenings are registered trademarks of the Company

LEI number: 213800WFIVE6RWK3CR22

 

 

 

 

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