Carclo plc Board restructure (0223B)

TIDMCAR

RNS Number : 0223B

Carclo plc

05 October 2020

5 October 2020

Carclo plc

Board restructure

Following the successful completion of the tripartite agreement between Carclo plc, the Carclo pension trustees and the company's bank, the Board has re-evaluated the management structure needed to take the business forward. The Board has decided that, given that the company has only two operating divisions, each of which has a strong management team, the role of Group CEO is no longer required. As a result, Antony Collins will step down from the Board with immediate effect. Antony joined the business as Chief Restructuring Officer in May 2019 to steer the Group through a challenging period including the exit from the Wipac business. He was appointed interim CEO from 1 October 2019 and led the Group through the negotiations with the bank and pensions trustees culminating in the successful completion of the tripartite agreement. The Board would like to thank Antony for his contribution to the business and wishes him well for the future.

Nick Sanders will assume the role of Executive Chairman with immediate effect with both the Technical Plastics and Aerospace divisions reporting directly to him. This will shorten the reporting lines in the business and reduce costs. His focus will be on enhancing shareholder value through improving the profitability of both operating divisions by driving both growth and operational effectiveness.

About Carclo plc

Carclo plc is a public company whose shares are quoted on the Main Market of the London Stock Exchange. The Group is a global provider of value-adding engineered solutions for the medical, optical and aerospace industries.

Enquiries:

   FTI Consulting                    020 3727 1340 

Nick Hasell / Susanne Yule

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October 05, 2020 02:00 ET (06:00 GMT)