REG - TT Electronics PLC - Board Change

TT electronicsAnnouncement

13/04/2023 07:00

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RNS Number : 0366W  TT Electronics PLC  13 April 2023

13 April 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

TT Electronics plc

 

Board Change

 

TT Electronics plc ("TT", "the Group"), a global provider of engineered
electronics for performance critical applications, announces that, Richard
Tyson, Group Chief Executive Officer, has informed the Board of his decision
to leave the company to take up the role of CEO of Oxford Instruments plc.

 

Since joining in July 2014, Richard has overseen a period of transformational
change, positioning the Group in structurally growing, higher added value
markets with long-term customer partnerships, and driven a significant
improvement in operational and financial performance. He has built a strong
central and divisional leadership team and will leave the business well
positioned for future growth.

 

The Board will now begin the process to appoint a new CEO.  Richard's notice
period is 12 months and he will continue in role until the Board has completed
the succession process.  The Board regularly reviews succession planning and
will provide updates as and when appropriate.

 

Trading remains in line with the Board's expectations, with the next update on
9(th) May 2023.

 

Warren Tucker, Chairman, said:

 

"Richard has been instrumental in the transformation of TT since he joined,
improving the quality of the business and building a strong platform for
future growth. The business has an experienced team and is executing a clear
strategy. The Board is confident that we can continue to deliver strong growth
and financial returns, creating significant value for all our stakeholders. On
behalf of the Board, I want to thank Richard for his contribution and wish him
every success in his new role."

 

Richard Tyson, CEO, said:

 

"I am very proud of what we have achieved at TT over the past nine years. We
have transformed the Group to align with structurally growing and higher added
value end markets, our relationships with our customers are longer term and
more collaborative and we have made significant progress in our efforts to
build an environmentally sustainable business. We have a strong team in place
and good momentum across the business, providing an excellent platform from
which to achieve our medium-term margin goals.  I have every confidence TT
will go from strength to strength, executing on its record order book,
delivering continued strong profit growth and driving free cashflow."

 

 For further information please contact:

 TT Electronics plc                        Tel: +44 (0)1932 827 779
 Warren Tucker, Chairman

 Richard Tyson, Chief Executive Officer

 Mark Hoad, Chief Financial Officer

 Kate Moy, Head of Investor Relations and Communications

 MHP                                       Tel: +44 (0)20 3128 8100
 Tim Rowntree / Ollie Hoare

 

 

About TT Electronics

TT Electronics is a global provider of engineered electronics for performance
critical applications.

The company operates in industries where there are structural growth drivers,
working with market-leading customers primarily in the industrial, medical,
aerospace and defence sectors. Products designed and manufactured include
sensors, power management devices and connectivity solutions. TT has design
and manufacturing facilities in the UK, US, Sweden and Asia.

The company has three divisions. The Power and Connectivity division designs
and manufactures power application products and connectivity devices which
enable the capture and wireless transfer of data. We collaborate with our
customers to develop innovative solutions to optimise their electronic
systems. The Global Manufacturing Solutions division provides manufacturing
services and engineering solutions for our product divisions and to customers
that often require a lower volume and higher mix of different products. We
manufacture complex integrated product assemblies for our customers and
provide engineering services including designing testing solutions and
value-engineering. The Sensors and Specialist Components division works with
customers to develop standard and customised solutions including sensors and
power management devices. Our solutions improve the precision, speed and
reliability of critical aspects of our customers' applications.

 

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