TIDMNBI
RNS Number : 0267S
Northbridge Industrial Services PLC
12 March 2021
12 March 2021
Northbridge Industrial Services Plc.
("Northbridge" or the "Company")
Board Changes
Northbridge, the industrial services and rental company, today
announces the retirement of Eric Hook, CEO and founder of
Northbridge, who will step down from the Board on 31 March 2021. He
will continue as a strategic advisor to the Board and his expertise
will be called upon as required. He plans to remain a significant
shareholder in the Company.
The Board would like to express their gratitude to Eric for his
fifteen years of exemplary service and wishes him well in his
retirement.
Following Eric's retirement, Peter Harris, Chairman, will become
Executive Chairman and the executive directors of both the
Northbridge divisions will report directly into him, (Chris
Caldwell for Crestchic, and Ian Gardner for Tasman), as will Iwan
Phillips, Finance Director.
It is intended that, subject to completing the requisite
regulatory checks, Chris Caldwell, Managing Director of the
Crestchic division, will be promoted to the Board from the same
date. A further announcement will be made in due course. Chris has
managed the Crestchic business since 2013 carefully overseeing its
considerable growth during that time, and he has been attending
Board meetings for the last three years.
Stephen Yapp, non-executive director, who joined the board in
July 2020, becomes Senior Independent Director immediately, a newly
created role to provide a counterbalance to the role of Executive
Chairman.
Also stepping down from the Board is Ash Mehta, non-executive
director and Chair of the Audit Committee. He will leave the Board
following completion of the 2020 audit once the Annual Report is
approved at the Annual General Meeting in May. Ash has been a
director of the Company for fourteen years, in several capacities,
and the Board is immensely grateful for his contribution to the
success of the Group. Judith Aldersey-Williams, who joined the
Board and the Audit Committee in January 2019 and already has
responsibility for Corporate Social Responsibility and Risk
Governance, will take up the role of Chair of the Audit
Committee.
Commenting on these changes, Eric Hook, Chief Executive of
Northbridge, said:
" Since establishing Northbridge in 2005 and steering it through
its IPO in March 2006, we have been through some good and turbulent
times, including weathering the current pandemic well. As I come to
retire, I believe we have established a solid and secure foundation
for future growth, and we have a good team that can take the
business forward."
Peter Harris, Chairman of Northbridge, said:
"On behalf of the Board and all at Northbridge I would like to
wholeheartedly thank Eric who, as the founder of the Company, is
principally responsible for creating the global business that we
have today. As we emerge from the pandemic, we are in good shape to
exploit the opportunities arising both from growing markets, such
as data centres and renewable energy and from the expected general
rebound in business activity around the world."
For further information
Northbridge Industrial Services plc
Peter Harris
07774 751571
Eric Hook, Chief Executive Officer
01283 531645
Iwan Phillips, Finance Director
01283 531645
Shore Capital (Nominated Adviser and Broker) 020 7408 4050
Robert Finlay / Antonio Bossi / Henry Willcocks
Buchanan Communications
020 7466 5000
Charles Ryland / Stephanie Watson
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist
industrial equipment. With offices or agents in the UK, USA, The
Middle East, Belgium, Germany, France, Australia, New Zealand,
Singapore, China, Brazil and South Korea, Northbridge has a global
customer base. This includes utility companies, renewables, the oil
and gas sector, data centres, shipping, banking, mining,
construction and the public sector. The product range includes
loadbanks, transformers, and drilling tools. Northbridge was
admitted to AIM in 2006 since when it has grown by providing a high
level of service, responsiveness and flexibility to customers. It
has also grown by the acquisition of companies in the UK, Dubai,
Australia, Belgium, New Zealand and Singapore and through investing
further in those acquired companies to make them more successful.
Northbridge continues to seek suitable businesses for acquisition
across the world.
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END
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