CPPGroup Plc Directorate Change (9834G)
01 December 2020 - 2:47AM
UK Regulatory
TIDMCPP
RNS Number : 9834G
CPPGroup Plc
30 November 2020
CPPGroup plc
30 November 2020
Directorate Change
CPPGroup plc ("CPP Group" or "the Company")
Retirement of Chairman
CPP Group (AIM: CPP), the international products and services
business, announces that Chairman, Sir Richard Lapthorne, has today
advised the Board of his intention to retire with effect from 31
January 2021.
Sir Richard has been Chairman of CPP Group since May 2016,
during a period of material change, both in the way in which the
Company and Board are managed and also in the implementation of
significant management, operational and portfolio changes in the
wider Group. He will be succeeded as Chairman by existing
non-executive director, David Morrison, who brings more than 35
years' experience of active engagement in both private and public
companies. As David said in the announcement of his appointment on
13 November, CPPGroup has demonstrated a strong track record in
adding considerable value to its business partners and their
customers, including investing in, or acquiring, start-up ventures
and helping them grow to become significant contributors to the
group's ongoing growth.
Jason Walsh, CPP Group's Chief Executive commented: "When Sir
Richard was appointed as Chairman, CPP Group was facing a collapse
in the renewability of its UK back book with no sight of a
sustainable ongoing business to replace it, and a continued focus
on historical issues. Without the full support of the Board under
Sir Richard's leadership the positive progress we have made would
not have been possible. He leaves the business in a much stronger
position than it was in when he first joined, and I wish him all
the best in his retirement."
Sir Richard added: "Over the past four and a half years the
executive team has refined our global strategy, our product
pipeline has been rebuilt, we have an assurance function operating
worldwide that supervises regulatory compliance, the continued
decline in the UK back book has been more than compensated by our
growth in India and Turkey, and a new UK business is also
developing positively. For me personally, CPP has been an
interesting and enjoyable experience and I would like to thank my
Board colleagues and, indeed all our colleagues around the world,
for their extraordinary efforts in the development of the Company
since 2016. I am proud of the progress that the Group has made in
that time and, having assisted in bringing the Group to the
position it is in today, this is a good moment for me to choose to
retire and step down from the Board. I am happy that, in David, CPP
Group has a successor who, with extensive experience in corporate
roles, will provide the Board with new insights as the Company
moves into a phase where it continues its growth and, in addition,
delivers tangible rewards to its shareholders. As a significant
shareholder myself, I sincerely wish him and the Company every
success."
Enquiries:
CPPGroup Plc
Jason Walsh, Chief Executive Officer
Tel: +44 (0) 7764 378580
Nominated Adviser and Corporate Broker
Investec Bank plc
Sara Hale / Carlton Nelson
Tel: +44 (0)20 7597 5970
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END
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