Trifast PLC
6 February 2002
Issued By Citigate Dewe Rogerson, Birmingham
Date: Wednesday, 6 February 2002
Embargoed 7.00am
Trifast plc
New Chief Executive at Trifast
Trifast, international distributors and manufacturers of a comprehensive range
of fasteners and logistics management specialists, today announces a change to
its Board.
Malcolm Diamond has indicated to the Board that, after 18 years in the role, he
would like to retire as Chief Executive. As a result, the Board has agreed that
he will step down as Chief Executive and a Director at the end of the Group's
current financial year, 31 March, 2002 though he will continue to be involved
with the Company until 30 September, 2003. He will be succeeded by Jim Barker
(aged 48) who will assume the role with effect from 1 April 2002.
Malcolm joined the Group in 1975 and was appointed Chief Executive in 1985. He
has been the principal driver of its strategic development taking the Group
public in 1994 and building on the UK base with sales of around £30 million at
that time, to an international operation today achieving sales in excess of £100
million. Under his mentorship, Malcolm has established a strong, experienced and
capable operational management team.
Jim joined the Board in 1995 and has been part of the Executive team that has
successfully built a strategically focused international group able to support
its customers across three continents. He has extensive industrial and
managerial experience, and in particular, he played a major role in the
development of the Group's international manufacturing and distribution
operations which accounted for around 30% of Group sales in the six months ended
30 September, 2001.
Prior to this, Jim Barker had spent 10 years with TR Fastenings, the Group's
principal trading subsidiary before leaving to form Fastener Techniques, which
was subsequently acquired by Trifast in 1993.
Commenting on the decision Malcolm Diamond said:
'Having spent 18 years establishing the strategic direction and resources of the
Group, I feel strongly that our future growth will be assured by leadership
focus on global operational efficiency and consistency of service.'
'TR has firmly established itself as a leading global brand within the industry.
More recently, I have implemented three phases of change that were required, as
a result of the challenging trading conditions we were experiencing. The Group
has been re-structured, re-organised and re-focused with significant operational
costs being removed.'
'Jim is a highly motivated individual whom I personally nominated to the Board,
who has my support and indeed that of the Executive team and the staff. I
strongly believe that he is entirely the right man to lead the Group through its
next cycle and I know that he will do well. Last year was immensely challenging,
to say the least; however, Trifast can now start to leverage its market
positioning independently of sector dynamics. Our small global market share
gives us everything to play for, even with subdued customer demand.'
continued...
-2-
He concluded:
'I have a number of other interests outside the Group including Non-Executive
PLC Directorships. I would like to build on these and use my broad experience
and knowledge gained over the last 30 years to assist other businesses to
achieve their objectives'.
Commenting on his appointment as Chief Executive, Jim Barker added:
'I am looking forward to taking up the role and challenge of CEO - it has come
at a time when the Group has undergone significant change.'
'Under Malcolm's stewardship, the team developed a strategy best suited to the
business and its objectives - to improve market penetration and achieve a strong
global presence.'
'Over the last year, we have had to react and adapt quickly to the changing
environments we encountered - instigating for the first time in our history
substantial cost downs and re-organisation programmes necessary to re-base the
foundations of the Group for the future.'
'These remedial actions are nearly complete and the Group is fortunate to have a
strong, loyal operational team who can confidently take it forward in its next
stage of development.'
'I speak on behalf of the Executive Board, staff and shareholders in thanking
Malcolm for his loyalty to the business and his significant contribution he has
made over many years.'
Enquiries:
Malcolm Diamond, Chief Executive
John Wilson, Group Finance Director
Jim Barker, Chief Executive Designate Fiona Tooley
Trifast plc Citigate Dewe Rogerson
Tel: Today: 020 7282 8000 Tel: Today: 020 282 8000
Thereafter: 01825 747600 Thereafter: 0121 455 8370
Mobiles: 07979 518493 (MMD) Mobile: 07785 703523
07711 103915 (JW)
07769 934148 (JB)
As an existing Board Director of Trifast plc, there is no information in
relation to Jim Barker that is required to be disclosed under Chapter 16.4 of
The Listing Rules of the UK Listing Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
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