REG - TT Electronics PLC - CEO Appointment

TT electronicsAnnouncement

27/07/2023 07:15

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RNS Number : 3218H  TT Electronics PLC  27 July 2023

27 July 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

TT Electronics plc

 

CEO Appointment

 

 

TT Electronics plc ("TT", "the Group"), a global provider of engineered
electronics for performance critical applications, announces that Peter France
has been appointed as Group Chief Executive Officer.  He will succeed Richard
Tyson, following the announcement made on 13 April 2023 of Richard's proposed
departure.

 

Peter has a distinguished track record in the industrial engineering and
manufacturing sector, following a 28-year career at Rotork plc, including nine
years as CEO.  Peter is also a non-executive director of Spirax-Sarco
Engineering plc.

 

Peter has been CEO of ASCO Group, an industrial services provider to global
energy markets, since 2018.  He will join TT and become a member of the Board
on 2 October 2023 at which point Richard will leave the company and step down
from the Board, allowing for an orderly transition of leadership.

 

TT will announce its interim results for the six months ended 30 June 2023 on
Thursday 3 August 2023.

 

Warren Tucker, Chairman, said:

 

"I am delighted to welcome Peter as our new CEO to lead the Group through the
next phase of our evolution and accelerate our ambitious global growth
strategy, building upon the strong platform and trading momentum created by
Richard and the team in recent years. The Board is looking forward to working
closely with Peter, whose experience of delivering sustainable growth and
margin expansion across international engineering businesses means he is
ideally placed to bring further success to TT Electronics."

 

Peter France said:

 

"I am excited to be joining TT Electronics, a UK headquartered industrial
business, delivering specialist technology solutions for some of the world's
most important challenges, including efficient electrification. With an
experienced board and management team, clear values and culture, and
attractive positions in structurally growing markets, I am confident we will
together deliver sustainable organic and, in due course, inorganic growth to
drive value creation for all our stakeholders."

 

Peter does not own any shares in TT Electronics plc and there are no further
details to be disclosed under paragraph 9.6.13 of the Listing Rules.

 

The remuneration arrangements relating to Peter's appointment, which will be
in line with the Remuneration Policy approved by shareholders at the 2023
Annual General Meeting, will be set out in the 2023 Directors' Remuneration
Report. The remuneration arrangements relating to Richard Tyson's departure
will be disclosed in accordance with section 430(2B) of the Companies Act 2006
on TT's website in due course.

 

 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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