Appointment of New Group Chief Executive

RNS Number : 5498X

TT electronics PLC

14 January 2014

 



14 January 2014

TT electronics plc

Appointment of New Group Chief Executive

TT electronics plc ("TT" or "the Group"), a global provider of performance critical technology solutions to leading manufacturers, announces that Geraint Anderson has decided to step down from his position as Group Chief Executive after six years in the role.  Geraint led the transformation of TT from a conglomerate to a strategically and operationally focused electronics business with significant growth opportunities, particularly in Sensing and Controls, and now intends to pursue non-executive and other interests.

After a comprehensive search the Board are delighted to announce that Richard Tyson will succeed Geraint as Group Chief Executive on or before 1^st July 2014.  Richard joins from Cobham plc with over 20 years' experience in the communications, aerospace and defence industries.  He joined Cobham in 2003 and is a member of the Cobham Executive Committee and President of the Aerospace & Security Division.  As their largest division it has annual revenues in excess of £700m and employs 4500 people.  Richard has a successful track record of growing businesses both organically and by acquisition, doubling the size of the division's business between 2008 and 2013.  Prior to Cobham, Richard spent 13 years at Goodrich Aerospace where he held various management roles.

Sean Watson Chairman commented: "Geraint's vision and leadership transformed the Group to its position as a trusted customer focused global provider of innovative technology solutions and leaves the Group in a strong financial position with a clear strategy. We are grateful to Geraint for his service and outstanding contribution over the last six years. On behalf of the Board and everyone at TT electronics, I would like to thank Geraint and wish him every success for the future.

With Richard's strong background and under his leadership as Group Chief Executive, I am confident that the Group will continue to evolve and grow earnings in the years ahead."

Geraint Anderson commented: "It was a very difficult decision to leave given my strong attachment to TT and its people coupled with its very exciting growth opportunities. I have thoroughly enjoyed my time at TT and am proud of what we have achieved. However, I feel this is the right time to leave the business now it is properly focussed and I am delighted that Richard is coming to lead TT on the next stage of its development".

Richard Tyson commented: "I am delighted to be joining TT Electronics. It has undergone significant re-focusing in recent years and has great potential for continued development.  I look forward to working with the team at TT to drive the growth of the Group".

The Group confirms that there is no further information to be disclosed under the requirements of Listing Rule 9.6.13R in relation to this appointment.

Enquiries:

Hudson Sandler Andrew Hayes/Wendy Baker/Katie Matthews

Tel: [phone]

 

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