REG - TT Electronics PLC - Management Changes and Business Update

TT electronicsAnnouncement

10/04/2025 07:00

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RNS Number : 4317E  TT Electronics PLC  10 April 2025

 

 

     10 April 2025

 

 

TT Electronics plc

 

 

TT Electronics plc Management Changes and Business Update

 

Management Changes

 

The Company announces that Peter France is stepping down as CEO and as a Board
Director with immediate effect. The Board would like to thank Peter for his
contribution to the Group in the last 18 months.

 

Eric Lakin, who was announced as CFO designate in January, has been appointed
as acting CEO with immediate effect and has joined the Board as an Executive
Director today. Whilst the Board believes Eric is a strong candidate, in line
with governance best practice, the Board will run a process to explore and
benchmark other candidates.

 

The Company has commenced a process to appoint an interim CFO.

 

As previously announced, Mark Hoad steps down from the Board today and will be
available to support the Group until 30 September 2025.

 

Business Update

 

Operations

 

The Board has determined that specialist external resources and capability
should be deployed into our Cleveland manufacturing facility, which provides
EMS services to OEM customers, to accelerate the required turnaround programme
and to enhance the effectiveness and predictability of day-to-day operational
delivery.

 

Components

 

The downturn in the Components(1) market and the associated impact on our
dedicated manufacturing facilities servicing that market, mostly in North
America, has highlighted the sub-scale nature of this business. Accordingly,
the Board has determined that the Company will now assess all options in
respect of this business segment.

 

Next
steps

 

The Board believes that the combination of these two actions will put the
Group on a more stable operational and financial footing. In turn, the Board
believes the Group will also be better placed to maximise long term
shareholder value.

 

 

The Board intends to communicate progress on the turnaround plan in Cleveland,
the Components business and management succession as and when appropriate, but
in any event an update will be provided at the AGM now scheduled for 30 June
2025.

 

 

 For further information please contact:

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

 Anne Thorburn, Senior Independent Director

 MHP                                       Tel: +44 (0)7817 458804
 Tim Rowntree / Ollie Hoare

 ( )

 

About TT Electronics

 

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

 

TT solves technology challenges for a sustainable world. TT benefits from
enduring megatrends in structurally high-growth markets including healthcare,
aerospace, defence, electrification and automation. TT invests in R&D to
create designed-in products where reliability is mission critical. Products
designed and manufactured include sensors, power management and connectivity
solutions. TT has design and manufacturing facilities in the UK, North
America, and Asia.

 

Notes

 

(1.        ) Components represented approximately 15% of Group revenue
in the year ended 31 December 2024, and the key dedicated sites are Juarez and
Plano, together with part of Bedlington and part of Mexicali.

 

This announcement contains inside information. The person responsible for
making this announcement on behalf of TT Electronics is Ian Buckley, General
Counsel and Company Secretary.

 

In accordance with Section 430(2B) of the Companies Act 2006, details of Peter
France's remuneration arrangements in connection with his departure will be
set out on TT Electronics' website  as soon as practicable.

 

Eric Lakin's base salary will increase to £550,000 per annum, pro-rated for
the period during which he serves as the acting CEO.

 

 

Eric Lakin bio:

 

Eric is a highly experienced executive with a proven track record in
engineering and industrial sectors.  Before becoming CFO designate of TT
Electronics, he was CFO of Ceres Power, a FTSE clean energy technology
business, where he led the step-up to the main market.  Previously, Eric
spent ten years at Smiths Group in a variety of senior roles in strategy,
M&A and operational finance, latterly as CFO of Smiths Interconnect,
responsible for finance, strategy and marketing communications in this £400m
electronics division with 16 manufacturing locations in ten countries across
Europe, Asia and North America.

 

Before that he was interim CFO of Morpho Detection, which was successfully
integrated into Smiths Detection.  This followed Eric's role as Head of
M&A and Corporate Development at Smiths Group. Eric's prior experience
includes roles in private equity and corporate finance at Alchemy Partners and
BT Group, as a research analyst at BAML and Credit Suisse, and as a strategy
consultant at Arthur D Little.

 

Eric started his career sponsored by Marconi, where he became a Chartered
Engineer.  Eric is a Chartered Management Accountant (CIMA), holds an MA in
Electrical and Information Sciences from Cambridge University and an MSc in
Satellite Communications from Surrey University.

 

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