TIDMTUNE
RNS Number : 0490W
Focusrite PLC
17 December 2021
For release: 17 December 2021
Focusrite plc
("the Company" or "the Group")
Board Changes and Appointment of New Non-executive Director
Focusrite plc (AIM: TUNE), the global music and audio products
company supplying hardware and software used by professional and
amateur musicians and the entertainment industry, is pleased to
announce the appointment of Mike Butterworth as a new independent
Non-executive Director and Chair of the Audit Committee.
Mike, aged 60, has over 25 years' experience in senior finance
roles in FTSE 250, Small Cap, and AIM businesses across a broad
range of sectors. He was CFO of Incepta Group, prior to its
acquisition by Huntsworth in 2005, and then Cookson Group until its
demerger in 2012. He is a former Non-executive Director and Chair
of the Audit Committee of Kin and Carta plc, Johnston Press plc,
Stock Spirits Group plc, and Cambian Group plc.
Mike is currently a Non-executive Director and Chair of the
Audit Committee at Pressure Technologies plc and Hammerson plc. He
is a qualified chartered accountant with an Honours degree in
Philosophy, Politics, and Economics from the University of Oxford.
Additional information in accordance with paragraph (g) of Schedule
Two to the AIM Rules for Companies is given below.
Mike is replacing Paul Dean, current independent Non-executive
Director and Chair of the Audit Committee, who has served on the
Board since the IPO and is now retiring from the Company in line
with corporate governance best practice.
The Company also announces that Phil Dudderidge, currently
Executive Chairman and Founder of Focusrite, will move to become
Non-executive Chairman.
David Bezem, independent Non-executive Director and Chair of the
Remuneration and Nomination Committees, will become Senior
Independent Director and Naomi Climer, independent Non-executive
Director, will take over as Chair of the Remuneration Committee.
Naomi currently fulfils this role on the Board of Oxford Metrics
Plc.
All of the above changes to the Board are effective from 1
January 2022.
Commenting on the changes, Phil Dudderidge said:
" It has been a great pleasure to know and work with Paul over
many years. We have benefited enormously from his contribution,
sage counsel, and wealth of experience. We will very much miss his
input and on behalf of all stakeholders in the Company, I would
like to thank him for his invaluable advice and for the
immeasurable contribution he has made. We wish him all the very
best for the future.
" At the same time, we are delighted to welcome Mike to the
Board and look forward to working with him as we enter the next
stage of the Group's development. He has an impressive track record
of leading and advising companies in both executive and
non-executive capacities. His experience since 2010 in chairing
audit committees and in Non-executive Director roles, together with
his cross-sector expertise, will benefit our Group as we enter the
next stage of growth."
Additional Information
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies.
Mike Butterworth (aged 60)
Current Directorships/Partnerships Directorships/Partnerships held
within the past five (5) years
Hammerson PLC Stock Spirits Group Plc
Pressure Technologies PLC Kin & Carta PLC
Cambian Group plc
Johnston Press Plc
Anglia Newspapers Limited
Century Newspapers Limited
Derry Journal Limited
Isle of Man Courier Holdings
Limited
Johnston Press Bond plc
Johnston Press Ireland Limited
Johnston Publications Limited
Johnston Publishing Limited
Montrose Review Press Limited
Morton Newspapers Limited
Northamptonshire Newspapers Limited
North Notts Newspapers Limited
Peterboro' Web Limited
Premier Newspapers Limited
Regional Independent Media Group
Limited
TR Beckett Limited
The Tweeddale Press
Wilfred Edmunds Limited
Yorkshire Regional Newspapers
Limited
-------------------------------------
Mike was appointed as a Non-Executive Director of Johnston Press
plc in June 2016. In March 2018 the company announced a strategic
review which resulted in its filing for administration in November
2018, after an unsuccessful sale process. The Administrators '
Progress Report, published in March 2020, anticipates that the
bondholders, who were due GBP220 million upon appointment of the
administrators, are likely to suffer a shortfall of approximately
GBP48 million. Based on the outcomes of the administrators'
investigations into the conduct of the directors and transactions
entered into prior to the insolvencies, there were no matters
identified that required further action.
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
-ends-
Enquiries:
Focusrite plc +44 (0) 149 446 2246
Tim Carroll, Chief Executive Officer
Sally McKone, Chief Financial Officer
Investec Bank plc (Nominated Adviser and Joint Broker) +44 (0) 20 7597 5970
David Flin
William Brinkley
Charlotte Young
Peel Hunt LLP (Joint Broker) +44 (0) 20 7418 8900
Edward Knight
Michael Burke
James Smith
Belvedere Communications +44 (0) 20 3687 2756
John West
Llew Angus
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Notes to Editors
Focusrite plc is a global audio products group that develops and
markets proprietary hardware and software products. Used by audio
professionals and musicians, its solutions facilitate the
high-quality production of recorded and live sound. The Focusrite
Group trades under eight established brands: Focusrite, Focusrite
Pro, Novation, Ampify, ADAM Audio, Martin Audio, Optimal Au-dio,
and Sequential.
With a high-quality reputation and a rich heritage spanning
decades, its brands are category leaders in the music-making and
audio recording industries. Focusrite and Focusrite Pro offer audio
interfaces and other products for recording musicians, producers,
and professional audio facilities. Novation and Ampify products are
used in the creation of electronic music, from synthesisers and
grooveboxes to industry-shaping controllers and inspirational
music-making apps. ADAM Audio studio monitors have earned a
worldwide reputation based on technological innovation in the field
of studio loudspeaker technology. Martin Audio designs and
manufactures performance-ready systems across the spectrum of sound
reinforcement applications. Sequential designs and manufactures
high end analogue synthesizers.
The Focusrite Group has offices in four continents and a global
customer base with a distribution network covering approximately
240 territories.
Focusrite plc is traded on the AIM market, London Stock
Exchange.
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