REG-XP Power Ltd: CEO Succession

XP PowerAnnouncement

12/10/2020 07:05

XP Power Limited

(“XP Power” or “the Group”)

CEO Succession

The Board of XP Power announces that, after over seventeen years as Chief
Executive Officer, Duncan Penny has informed the Board of his intention to
retire as CEO, from the XP Power Board and Executive life. Duncan will step
down as CEO on 31 December 2020 and leave the Board and the Group at the AGM
in April 2021.

The Board are delighted to announce that, after a thorough executive search
company led process, Gavin Griggs, currently Chief Financial Officer, will
succeed Duncan as Chief Executive Officer on 1 January 2021.

Gavin has been the Chief Financial Officer at XP Power since joining the Group
in November 2017 and has worked very closely with Duncan since that time. He
is a proven executive with experience of a broad range of sectors, gained in
senior international finance and strategy roles with Alternative Networks,
Logica, SABMiller, Sodexo and PepsiCo.

The Group has today commenced the search for Gavin’s successor as Chief
Financial Officer and an appointment will be announced in due course.

James Peters, Chairman, said:

"On behalf of the entire XP Power team, I want to thank Duncan for his
significant and enduring contribution to our Group and wish him well for the
future. Duncan joined XP Power as Chief Financial Officer in 2000, becoming
CEO in 2003, and has led our business with distinction.

He will leave having established a high-quality team, with a broad range of
skills, experiences and perspectives which is well placed to take XP Power
forward under Gavin's leadership.

The Board is confident that Gavin is the right person to take XP Power
forward. He is a proven business leader with significant experience and
expertise across a variety of growth-oriented business sectors and has worked
very closely with Duncan since joining the Group. We look forward to working
with Gavin in his new role."

Duncan Penny, Chief Executive Officer, said:

"It has been a privilege to lead XP Power over the last seventeen years, but I
am confident that now is the right time for me to pass over the reins. I am
immensely proud of what we have achieved in my time as CEO. I would like to
place on record my thanks to the Board of XP Power and all of my colleagues,
old and new, for their support, and wish them every success in the future."

Gavin Griggs, Chief Financial Officer, said:

"It has been a great pleasure to work with Duncan, I have learned a great deal
from him, and it is an honour to succeed him as CEO. I have confidence in our
business model and strategy and am excited about the future prospects for the
business."

Enquiries:

XP Power 

Duncan Penny, Chief Executive Officer  +44 (0)118 976 5515

Gavin Griggs, Chief Financial Officer      +44 (0)118 976 5515

Citigate Dewe Rogerson                    

Kevin Smith/Jos Bieneman                    +44 (0)207 638
9571

Note to editors

XP Power designs and manufactures power controllers, the essential hardware
component in every piece of electrical equipment that converts power from the
electricity grid into the right form for equipment to function.

XP Power typically designs power control solutions into the end products of
major blue-chip OEMs, with a focus on the Industrial Electronics (c.33% of
revenue), Healthcare (c.29% of revenue), Semiconductor Equipment Manufacturing
(c.28% of revenue) and Technology (c.10% of revenue) sectors.  Once designed
into a programme, XP Power has a revenue annuity over the life cycle of the
customer’s product which is typically 5 to 7 years depending on the industry
sector.   

XP Power has invested in research and development and its own manufacturing
facilities in China and Vietnam, to develop a range of tailored products based
on its own intellectual property that provide its customers with significantly
improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock
Exchange since 2000, XP Power is a constituent of the FTSE 250 Index. XP Power
serves a global blue-chip customer base from 29 locations in Europe, North
America and Asia. 

For further information, please visit xppower.com



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