Board change

API Group PLC
17 August 2007



17 August 2007

                        Resignation of David Walton, CEO
                                        


API Group plc announces that David Walton, Group CEO, has resigned and will seek
new opportunities outside the Group. To ensure a smooth transition of
operational responsibilities, he has agreed to remain in his role as CEO for the
time being; however he will step down as a Director of the Company with
immediate effect. The Board has initiated an external search for his successor.


Consistent with the comments made at the time of the interim results in May, the
Board expects the results of the Group for the period to 31 March 2008 to be
broadly in line with current expectations and to represent an improvement over
the same period in the previous year. The Group's achievement of its forecast
results for the year remains reliant on a successful outcome to a number of
significant initiatives within the Laminates business and uncertainties
regarding movements in dollar exchange rates and recent changes in VAT
regulations in China.
 

Richard Wright, Non-Executive Chairman said:



'It is with regret the Board has accepted David's resignation. David has made an
important contribution to the Group, initially as Finance Director and latterly
as CEO. The Board would like to thank him and wish him well for the future. In
the meantime we are pleased that he has agreed to remain with the Group to
ensure a smooth handover and we have initiated a search for his successor.'



Ends



Enquiries

 
Richard Wright, Non-executive Chairman, API         01625 858700
Group plc                                                                 
                                                                          
Charles Palmer, Financial Dynamics                  020 7831 3113

 


 



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