Carclo plc Board restructure (0223B)
05 October 2020 - 5:00PM
UK Regulatory
TIDMCAR
RNS Number : 0223B
Carclo plc
05 October 2020
5 October 2020
Carclo plc
Board restructure
Following the successful completion of the tripartite agreement
between Carclo plc, the Carclo pension trustees and the company's
bank, the Board has re-evaluated the management structure needed to
take the business forward. The Board has decided that, given that
the company has only two operating divisions, each of which has a
strong management team, the role of Group CEO is no longer
required. As a result, Antony Collins will step down from the Board
with immediate effect. Antony joined the business as Chief
Restructuring Officer in May 2019 to steer the Group through a
challenging period including the exit from the Wipac business. He
was appointed interim CEO from 1 October 2019 and led the Group
through the negotiations with the bank and pensions trustees
culminating in the successful completion of the tripartite
agreement. The Board would like to thank Antony for his
contribution to the business and wishes him well for the
future.
Nick Sanders will assume the role of Executive Chairman with
immediate effect with both the Technical Plastics and Aerospace
divisions reporting directly to him. This will shorten the
reporting lines in the business and reduce costs. His focus will be
on enhancing shareholder value through improving the profitability
of both operating divisions by driving both growth and operational
effectiveness.
About Carclo plc
Carclo plc is a public company whose shares are quoted on the
Main Market of the London Stock Exchange. The Group is a global
provider of value-adding engineered solutions for the medical,
optical and aerospace industries.
Enquiries:
FTI Consulting 020 3727 1340
Nick Hasell / Susanne Yule
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END
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