Volution Group plc Appointment of Non-Executive Director (9744I)
April 07 2020 - 1:00AM
UK Regulatory
TIDMFAN
RNS Number : 9744I
Volution Group plc
07 April 2020
Tuesday 7 April 2020
Volution Group plc
Appointment of Nigel Lingwood as an Independent Non-Executive
Director
and Chairman of the Audit Committee
Volution Group plc (the "Group", "Company" or "Volution", LSE:
FAN) a leading supplier of ventilation products to the residential
and commercial construction markets, announces that Nigel Lingwood
has been appointed as an independent Non-Executive Director of the
Company with effect from 30 April 2020.
As previously announced, following Paul Hollingworth's
appointment as Chairman of the Board and therefore his step down as
Chairman of the Audit Committee, a search has been underway to find
a permanent successor whilst Tony Reading has acted as Interim
Chairman of the Audit Committee.
Nigel has been appointed as Chairman of the Audit Committee and
will join the Remuneration and Nomination Committees on
appointment. Tony Reading, Senior Independent Director, will step
down as Interim Chairman of the Audit Committee with effect from 30
April 2020, but will remain as a member of the Committee.
Nigel has been Group Finance Director of Diploma PLC (LSE: DPLM;
FTSE 250; an international group supplying specialised products and
services to the Life Sciences, Seals and Controls markets) since
2001 and will be retiring from their Board and the company on 30
September 2020. During his time at Diploma, Nigel has overseen more
than 50 international acquisitions during which time the company
has grown market capitalisation from ca.GBP60m to ca.GBP1.6bn(1) .
The business has operations across Europe, North America and in
Australia.
Nigel was previously Senior Independent Director and Audit
Committee Chairman of Creston plc (a UK listed marketing and
communications group) from July 2015 until December 2016 when the
company was taken private.
Commenting on the appointment, Paul Hollingworth, Chairman of
Volution, said:
"We are delighted to welcome Nigel as an Independent
Non-Executive Director. He brings to the Board, financial and
accounting expertise and extensive public company, acquisition and
wide ranging international experience. In addition he has gained
experience as a non-executive director in the roles of senior
independent director and chairman of an audit committee. Whilst the
COVID-19 pandemic continues to affect all businesses, Nigel's depth
of experience will assist the Board's decision making processes
during this difficult time.
We look forward to working with Nigel and benefiting from his
experience. We are confident that he will make a valuable
contribution to the Board."
The Company also announces today that with effect from 30 April
2020, Tony Reading, Senior Independent Director, will step down as
Chairman of the Remuneration Committee (but will remain as a member
of the Committee) and be succeeded by Claire Tiney who has been a
member of the Remuneration Committee since August 2016.
(1) Diploma PLC market capitalisation as at the date of this
announcement.
-Ends-
Enquiries:
Volution Group plc
Ronnie George, Chief Executive
Officer +44 (0) 1293 441501
Andy O'Brien, Chief Financial
Officer +44 (0) 1293 441536
+44 (0) 207 353
Tulchan Communications 4200
James Macey White
David Allchurch
Giles Kernick
Note to Editors:
-- As announced on 25 March, all Board members have taken a 20%
salary reduction for two months until the end of May and this will
remain subject to ongoing review depending on the length and
severity of the crisis. This salary reduction will also apply to
Nigel Lingwood.
-- There is no additional information to be disclosed in respect
of Nigel Lingwood pursuant to Listing Rule 9.6.13 (2) to (6).
-- At the date of this announcement, Nigel Lingwood has no
beneficial interests in ordinary shares of Volution.
-- Nigel Lingwood has held the following directorships of
publicly quoted companies in the last 5 years: Diploma PLC and
Creston plc.
-- Volution Group plc (LSE: FAN) is a leading supplier of
ventilation systems and products to both the residential and
commercial construction markets in the UK, Continental Europe and
Australasia. Volution Group comprises 16 key brands across the
three regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation,
Airtech, Breathing Buildings and Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection,
inVENTer, Ventilair.
Australasia: Simx, Ventair.
For more information, please go to: www.volutiongroupplc.com
-- Legal Entity Identifier: 213800EPT84EQCDHO768.
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END
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