TIDMTRI
RNS Number : 2356Q
Trifast PLC
16 June 2015
Tuesday, 16 June 2015
Trifast plc
("Group", the "Company", "Trifast" or "TR")
The Board of Trifast plc (Symbol: TRI), the international
fastenings group places great importance on progression and
succession at the top level of the Group as well as through the
teams. Over the past two years, the Board has been carefully
examining and refining its future plans and requirements so as to
ensure it continues to drive performance and that this is both
aligned to the interests of all stakeholders and the further
development of its commercial business.
As part of its planning for the future, the Company announces
the following changes:-
NOTICE OF SUCCESSION - CEO and CFO
Jim Barker, Chief Executive Officer will step down as CEO on 30
September 2015. In order to provide continuity and support to the
Group, he will remain available to the Group in a consultancy role
until 30 June 2016.
Jim's career has spanned over 40 years within the industry.
Having retired as CEO in 2007 after five years in the role, he
returned to the business in March 2009 as CEO and part of the
restructured Board in order to rebuild the TR business and
revitalise the senior management team. Over the last five financial
years the Group under his joint leadership with Executive Chairman
Malcolm Diamond has delivered compound annual EPS growth of
160%.
Mark Belton, the Group's current Group Finance Director will
take up the role of Chief Executive Officer, with effect from 1
October 2015.
Markjoined the business in 1999 having qualified as a Chartered
Accountant with KPMG. In 2010 and in recognition of managing the
Group's recovery programme, Mark was promoted to the Main Board to
officially take up the role of Group Finance Director. Reporting
directly to the CEO, Jim Barker he has been managing all aspects of
Group financial reporting and financing around the globe. Mark is
also a member of the Senior Executive Board. Mark has shown his
resilience and upskilled over his 15-year career with Trifast. He
has the respect of the global operational teams as he has forged a
wealth of knowledge and great understanding of the industry, the TR
model, key sectors and our customer portfolio. He also played a
pivotal role in the successful acquisitions of PSEP in Asia and VIC
in Italy.
Clare Foster will be promoted to Chief Financial Officer and
will join the Main Board with effect from 1 October 2015.
Since joining Trifast in January 2015, as Group Financial
Controller Clare has been responsible for assisting the Group
Finance Director in all aspects of group financial management and
accounting governance. She is a member of the Senior Executive team
and been involved in planning and decision making across all
levels. In March 2015 she was appointed Company Secretary. Prior to
joining Trifast, Clare began her career in audit within KPMG. Over
her 16 years she held a number of client facing and internal roles
and latterly handled a variety of strategic projects for the firm,
working alongside the UK leadership team in London. She is an FCA
with a BA (Hons) degree in Social Anthropology from Sussex
University.
APPOINTMENT OF NON EXECUTIVE DIRECTOR
The Company is pleased to announce with effect from today (16
June), the appointment of Neil W Warner BA, FCA, MCT as Senior
Independent Non-Executive Director.
Neil spent 14 years as Group Finance Director at Chloride Group
PLC, until the business was sold in 2010. Between, 2003-2013, he
was also Senior Independent Non-Executive Director and Chair of the
Audit Committee at Dechra Pharmaceuticals PLC.
Over his 30-year career in commerce, Neil has gained extensive
knowledge of international businesses and has a solid understanding
of key strategic drivers - growing sustainable businesses globally,
M&A, compliance, risk management and IT. All these skills will
be invaluable to the Trifast Main Board, the Senior Executive Board
and the operational teams, as the Group looks to build its presence
and enhance its capabilities, both organically and via
acquisition.
Neil's other current directorships include, Non-Executive
Chairman of AiM quoted Enteq Upstream plc, a business he co-founded
in 2011. In the same year, he was also appointed an Independent
Non-Executive Director at Vectura Group plc where he is Chair of
the Audit Committee and Member of the Remuneration and Nominations
Committees.
Neil Warner will Chair Trifast's Audit Committee and be a Member
of both the Remuneration and Nomination Committees.
RETIREMENT OF NON-EXECUTIVE DIRECTOR
Neil Chapman, Senior Independent Non-Executive Director retires
from the Board today (16 June). Neil joined the Group in March 2009
at the time of the TR's recovery strategy initiated by the
Executive team.
Malcolm Diamond MBE, Executive Chairman, Trifast commented:
"On behalf of the Board and all stakeholders I would like to
congratulate Mark and Clare on their respective promotions. Both
have the skill sets, drive and determination to positively lead the
team that will take Trifast to the next stage of its growth
aspirations.
"On behalf of the Senior Executive team, I would like to
acknowledge and thank Neil Chapman for his counsel and contribution
during his six year tenure and take the opportunity to wish him
well for the future.
"We welcome Neil Warner to the Board. His extensive hands on
knowledge and experience gained over a long career at senior level
will add value and further strengthen the team.
"As we have said in our preliminary results announced today, TR
operations are managed on a day to day basis by country directors
who represent the core foundation for our succession planning.
Looking back over more than 40 years in the business, it is clear
that our best and most successful succession planning has come from
within. It is vital that we continue to develop our peoples'
talents as this will identify our leaders of the future. It is
paramount that through training we retain and diversify skills as
these underpin our reputation and competitive edge in what is an
increasingly limited labour market globally.
"Finally, on behalf of colleagues and stakeholders, we wish Jim
and his family a long and enjoyable impending retirement. Having
worked with Jim over many years, and in particular since we both
returned to TR in 2009, I am confident that today, with a strong
business model, clear strategy and highly motivated people we will
successfully deliver the next phase in our history. As Executive
Chairman I look forward to working alongside all of them in the
years ahead."
In accordance with the Listing Rules, there are no other
disclosures required in respect of Clare Foster or Neil Warner
pursuant to LR 9.6.13.
ENQUIRIES:
Trifast plc
Malcolm Diamond MBE, Executive Chairman
Telephone: +44 (0) 1825 747366
Mobile: +44 (0) 7979 518493
email: corporate.enquiries@trifast.com
LSE Listing: Ticker: TRI
FTSE index sector: FTSE Small Cap and FTSE All-share
indices
Peel Hunt LLP
Stockbroker and financial adviser
Justin Jones or Mike Bell
Telephone: +44 (0) 20 7418 8900
TooleyStreet Communications
IR, corporate & media relations
Fiona Tooley
Mobile: +44 (0) 7785 703523 or email: fiona@tooleystreet.com
The Company's 2015 preliminary results released this morning
reflect the operational improvements implemented by management over
recent years which are now delivering growth in both margins and
profitability. For further information, please visit:
www.trifast.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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