Board Changes

RNS Number : 5243C

Volex PLC

02 May 2012

 



For Immediate Release

2 May 2012

Volex plc,

Board Changes

Volex plc (the "Company"), the global provider of electrical, digital and optical connections, today announces the appointment of David McKinney as Chief Operating Officer, a new position.  Mr. McKinney will also serve as an executive member of the Volex plc board of directors. His appointments will be effective as of today, 2 May 2012.

David most recently served as Chief Operating Officer of Pace plc from November 2005 to January 2012 where he also served as a member of the board of directors. During his tenure at Pace, David delivered the operational platform that supported the company's growth in annual revenues from circa $350 million to $2.3 billion and cost improvements that contributed to turning the company from a loss-making position to an operating profit margin of greater than 6%.

Ray Walsh, CEO of Volex stated: "We are delighted that David is joining our team. With the turnaround of Volex well underway, we are now looking to the next phase of our transformation under which we will pursue substantial, sustainable and profitable growth of the Company.  David's significant operational and business experience at Pace, where he successfully delivered the foundation to grow that company's output from 3 million units per year to more than 20 million units per year and improve its market share from number 8 to number 1 in the world, is precisely the experience and know how that will serve Volex well in this next phase."

As well as his time at Pace, David brings over 20 years of experience in senior executive and operational roles from startups and turnarounds to leading global manufacturers and service providers in the mobility, semiconductor and consumer electronics space, including senior roles at Digital Equipment Corporation, Motorola and Royal Philips Electronics. David is a Graduate of the Royal Society of Chemistry (hons) and holds an MBA from Heriot Watt University.

The Company also announces today the retirement from the Board of Directors of Mr. Paul Mountford, effective immediately. Paul joined the board of Volex plc in January 2011. Subsequent to his appointment, Paul was promoted to the role of SVP Global Enterprise Markets at Cisco Systems, Inc. Due to the demanding time commitments of this new role, Paul has informed the board that he would be unable to devote adequate time to his role at Volex and has therefore submitted his resignation.  Chairman Mike McTighe commented, "We are sad to see Paul leave but understand the demanding requirements of his role at Cisco. We will miss the insights that he provided and thank him for the contributions he made during his time with the Company."

There are no further details to be disclosed by David McKinney in relation to paragraph 9.6.13 of the Financial Services Authority Listing Rules.

- END -

For further information please contact:
Volex plc:
Ray Walsh, Chief Executive Officer	[phone]
Buchanan:
Charles Ryland / Helen Chan	[phone]

 

END

 

 

BOABKDDKABKDAPK