AB Dynamics PLC Directorate Changes (4566N)
August 09 2017 - 1:00AM
UK Regulatory
TIDMABDP
RNS Number : 4566N
AB Dynamics PLC
09 August 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
9 August 2017
AB Dynamics plc
("ABD" or the "Company")
Directorate changes
AB Dynamics plc (AIM: ABDP) the designer, manufacturer and
supplier of advanced testing systems and measurement products to
the global automotive industry, announces a number of changes to
the Board of Directors of the Company.
The Company has moved to strengthen its Board and is pleased to
announce the appointment of Mat Hubbard as Chief Operating Officer
of the Company and Richard Hickinbotham as a Non-executive
Director, both effective from 14 August 2017. In addition, Rob
Hart, currently Finance Director, will become Chief Financial
Officer.
The Company also announces that Tim Rogers has informed the
Board of his decision to step down as Chief Executive Officer at
the end of 2017, after 5 years with the business. In the meantime,
Tim will continue as CEO and Director for the time required to
facilitate a smooth handover to his successor, provide continuity
and maintain the stability of the business. The Company has already
commenced the process of recruiting and appointing a new Chief
Executive Officer and will update the market in due course.
Matthew James Hubbard (Mat), aged 42, studied at Cambridge
University gaining an MEng. in Electrical and Information Sciences
Tripos (EIST) with particular interests in embedded computing,
networking and motor design. Mat joined Anthony Best Dynamics Ltd
in 1999, initially as a Project Engineer and more recently as
Operations Director.
Mat has played a leading role in the development and marketing
of new technologies whilst at ABD, in particular in developing the
Company's proprietary driverless vehicle testing system. He has
also become increasingly involved in managing the group's
operations and in its IT and recruitment strategies. Mat has been a
director of Anthony Best Dynamics Limited, the wholly owned
operating subsidiary of the Company, since 4 March 2008.
Richard Hickinbotham, aged 58, holds a BSc. in Mechanical
Engineering from Imperial College and is a Chartered Accountant
with over 30 years City experience. Most recently he was Head of
European Research at Cantor Fitzgerald Europe, prior to which he
was Head of Research at Charles Stanley Securities having
previously held a number of senior positions at Investec and S G
Warburg & Co. (acquired by UBS).
Tim Rogers, CEO of AB Dynamics commented: "The Company has grown
rapidly over the past five years, supported by the introduction of
innovative new products and services. The Company has a full order
book and there is a solid platform for the next stage of growth. I
have thoroughly enjoyed my time at AB Dynamics and I am proud of
what we have achieved. However I feel this is the right time for me
to leave the Company and the opportunity now exists to bring in
experienced senior management to continue to drive the Company
forward. The move to strengthen the PLC Board and the recent
additions to the operating management team are designed to
facilitate this."
Tony Best, Chairman of AB Dynamics, commented: "I am delighted
to welcome Mat and Richard to the Board of the Company. Mat has
been a key player in the development of our business and we welcome
his expertise and guidance at Board level to ensure our continued
future growth. We have worked with Richard over a number of years
and he has provided valuable advice. I am confident he will be a
significant addition to the Board. These additions significantly
strengthen our Board and we look forward to growing the business
further as we enter the next phase of our growth plan.
"We would like to thank Tim for his substantial input to the
Company since joining the Company in September 2012 as he has
guided us through our journey from a private business to an
established PLC. His contribution to our growth has been
invaluable. We wish him well for the future.
"We have begun our search for Tim's successor and are confident
of a smooth transition as Tim has agreed to stay with us until the
end of the year."
Further information disclosable under Schedule Two paragraph (g)
of the AIM Rules
Matthew Hubbard is interested in 114,649 ordinary shares (of
which his spouse, Lynn Fenner is interested in 55,291 ordinary
shares) representing in aggregate 0.6% of the Company's issued
share capital. In addition, Mat has been granted the following
share options in the Company:
Date of grant Number of Exercise price Last exercise
options granted date
11 July 2016 65,119 395p 11 July 2026
----------------- --------------- --------------
Current directorships Past directorships and
and partnerships partnerships
Anthony Best Dynamics None
Limited
-----------------------
Richard Hickinbotham does not hold any shares or options in the
Company. In the 5 years preceding the date of this announcement, he
held the following directorships or partnerships.
Current directorships Past directorships and
and partnerships partnerships
Pemberton Terrace Management None
Company Limited
-----------------------
Directa Plus PLC
-----------------------
Save as disclosed, there is no other information to be disclosed
in respect of Mr Hubbard or Mr Hickinbotham under Schedule Two
paragraph (g) of the AIM Rules for Companies.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
AB Dynamics plc 01225 860 200
Tim Rogers, Chief Executive
Officer
Tony Best, Non-executive Chairman
Cairn Financial Advisers LLP
(Nomad) 0207 213 0880
Tony Rawlinson
Liam Murray
Cantor Fitzgerald Europe (Broker) 020 7894 7000
David Foreman
Phil Davies
IFC Advisory (PR) 0203 053 8671
Tim Metcalfe
Heather Armstrong
Graham Herring
This information is provided by RNS
The company news service from the London Stock Exchange
END
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