Directorate Change

RNS Number : 9224J

RS Group PLC

16 December 2022

 

16 December 2022

RS GROUP PLC

Directorate change

RS Group announces that Lindsley Ruth has agreed with the Board that due to personal reasons he will step down as Chief Executive Officer (CEO) with immediate effect. Lindsley will be available to the Board, if required over the next twelve months, equal to the length of his notice period. David Egan, Chief Financial Officer, will continue to lead the Group as Acting CEO supported by a strong management team until a process to find a permanent CEO has concluded.

Rona Fairhead, Chair, said:

"Lindsley has led the turnaround of an underperforming business and, working with the wider team, has created a strong vision and purpose for our company. RS Group is now a confident organisation full of talented people, aligned behind a clear strategy focused on delivering profitable growth and market share gains. On behalf of the Board and everyone at RS Group I would like to thank Lindsley for his many achievements and wish him happiness, health and every future success.

The success of RS Group has been a function of a clear strategy and the hard work of our high performing leaders and people throughout the business, united behind our purpose-led culture which resonates with customers and suppliers alike. We are delivering ongoing outperformance, as illustrated in our recent interim results, and see significant opportunities to continue to take market share and drive high quality profitable growth. The Board has every confidence in our people maintaining and building on our momentum and we thank David Egan and everyone in our fantastic team for their ongoing focus and commitment to deliver our strategy."

Lindsley Ruth said:

"I am proud to have led RS Group for over seven years. We have come a long way, and while the time is right for me to step away, I could not be prouder to see the great people in this business outperform and pursue the opportunities ahead. I would like to thank all my colleagues at RS Group for their dedication, support, and enthusiasm in driving RS Group forwards, building on the success we have achieved together."  

RS Group will publish its trading statement for the three months ending 31 December 2022 on 10 January 2023.   

Enquiries:
David Egan	Acting Chief Executive Officer	020 7239 8400
Lucy Sharma	VP Investor Relations	020 7239 8427
Martin Robinson / Olivia Peters	Tulchan Communications	020 7353 4200

Notes:

1.  Details of Lindsley Ruth's remuneration arrangements on stepping down from the Board, which are consistent with the Group's remuneration policy, will shortly be, as required by section 430(2B) of the Companies Act 2006, available on the Group's website www.rsgroup.com.

2.  This announcement contains inside information for the purposes of article 7 of EU regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018. The person responsible for the release of this announcement is Clare Underwood, Company Secretary.

 

END

 

 

BOATFBBTMTTBMPT