XP Power Ltd CEO Succession

 
TIDMXPP 
 
XP Power Limited 
 
                          ("XP Power" or "the Group") 
 
                                CEO Succession 
 
The Board of XP Power announces that, after over seventeen years as Chief 
Executive Officer, Duncan Penny has informed the Board of his intention to 
retire as CEO, from the XP Power Board and Executive life. Duncan will step 
down as CEO on 31 December 2020 and leave the Board and the Group at the AGM in 
April 2021. 
 
The Board are delighted to announce that, after a thorough executive search 
company led process, Gavin Griggs, currently Chief Financial Officer, will 
succeed Duncan as Chief Executive Officer on 1 January 2021. 
 
Gavin has been the Chief Financial Officer at XP Power since joining the Group 
in November 2017 and has worked very closely with Duncan since that time. He is 
a proven executive with experience of a broad range of sectors, gained in 
senior international finance and strategy roles with Alternative Networks, 
Logica, SABMiller, Sodexo and PepsiCo. 
 
The Group has today commenced the search for Gavin's successor as Chief 
Financial Officer and an appointment will be announced in due course. 
 
James Peters, Chairman, said: 
 
"On behalf of the entire XP Power team, I want to thank Duncan for his 
significant and enduring contribution to our Group and wish him well for the 
future. Duncan joined XP Power as Chief Financial Officer in 2000, becoming CEO 
in 2003, and has led our business with distinction. 
 
He will leave having established a high-quality team, with a broad range of 
skills, experiences and perspectives which is well placed to take XP Power 
forward under Gavin's leadership. 
 
The Board is confident that Gavin is the right person to take XP Power forward. 
He is a proven business leader with significant experience and expertise across 
a variety of growth-oriented business sectors and has worked very closely with 
Duncan since joining the Group. We look forward to working with Gavin in his 
new role." 
 
Duncan Penny, Chief Executive Officer, said: 
 
"It has been a privilege to lead XP Power over the last seventeen years, but I 
am confident that now is the right time for me to pass over the reins. I am 
immensely proud of what we have achieved in my time as CEO. I would like to 
place on record my thanks to the Board of XP Power and all of my colleagues, 
old and new, for their support, and wish them every success in the future." 
 
Gavin Griggs, Chief Financial Officer, said: 
 
"It has been a great pleasure to work with Duncan, I have learned a great deal 
from him, and it is an honour to succeed him as CEO. I have confidence in our 
business model and strategy and am excited about the future prospects for the 
business." 
 
Enquiries: 
 
XP Power 
 
Duncan Penny, Chief Executive Officer  [phone] 
 
Gavin Griggs, Chief Financial Officer      [phone] 
 
Citigate Dewe Rogerson 
 
Kevin Smith/Jos Bieneman                    [phone] 
 
Note to editors 
 
XP Power designs and manufactures power controllers, the essential hardware 
component in every piece of electrical equipment that converts power from the 
electricity grid into the right form for equipment to function. 
 
XP Power typically designs power control solutions into the end products of 
major blue-chip OEMs, with a focus on the Industrial Electronics (c.33% of 
revenue), Healthcare (c.29% of revenue), Semiconductor Equipment Manufacturing 
(c.28% of revenue) and Technology (c.10% of revenue) sectors.  Once designed 
into a programme, XP Power has a revenue annuity over the life cycle of the 
customer's product which is typically 5 to 7 years depending on the industry 
sector. 
 
XP Power has invested in research and development and its own manufacturing 
facilities in China and Vietnam, to develop a range of tailored products based 
on its own intellectual property that provide its customers with significantly 
improved functionality and efficiency. 
 
Headquartered in Singapore and listed on the Main Market of the London Stock 
Exchange since 2000, XP Power is a constituent of the FTSE 250 Index. XP Power 
serves a global blue-chip customer base from 29 locations in Europe, North 
America and Asia. 
 
For further information, please visit xppower.com 
 
 
 
END 
 

(END) Dow Jones Newswires

October 12, 2020 02:00 ET (06:00 GMT)