Board Changes

RNS Number : 9599U

Photo-Me International PLC

02 July 2009

Thursday 2 July 2009

PHOTO-ME INTERNATIONAL PLC

Board Changes

Today, to coincide with its Preliminary Announcement of results for the year to 30 April 2009, Photo-Me (PHTM.L), the instant service equipment group, announces various Board changes.

On 10 March 2009, as announced in the Interim Management Statement of 11 March 2009, Thierry Barel gave notice of his resignation as CEO, a position he had held since December 2007, having joined the Group in April 2007. Thierry had been headhunted to be Chief Operations Officer of Faiveley SA, a substantial publicly listed French-based international industrial group. The Board is sorry to lose Thierry, but congratulates him on his appointment. Thierry leaves the Group tomorrow, 3 July 2009.

The search for a new CEO is well advanced. In the meantime, Serge Crasnianski has agreed to act as interim CEO. Serge returned to the Board in a non-executive capacity on 6 May 2009 and was yesterday appointed Deputy Chairman. He is the Company's largest shareholder, with a 22.2% holding. He previously served on the Board from 1990 to 2007: until 1994 as a non-executive Director, from 1994 as an Executive Director and from 1998 to 2007 as Chief Executive Officer. He founded KIS, which is now the Group's principal Sales & Servicing business, in 1963 and has more than 100 patents to his name. His knowledge of the business will be most useful to the new CEO.

John Lewis, who was appointed as an independent non-executive Director on 3 July 2008, was yesterday appointed Senior Independent Non-executive Director.

Yesterday's return to the Board, in a non-executive capacity, of Dan David is announced. He has an interest in a 13.2% shareholding in the Company. He was on the Board from 1968 until 2007, for the first 30 years in an executive capacity and from 1992 until 2005 as Chairman; since then, he has been the Company's honorary Life President. He is particularly knowledgeable about the Group's Operations business and marketplace. Outside the Group, he is a Director of GLG Global Convertible Fund Ltd, a member of the Board of Governors of Tel Aviv University and founder of the internationally recognised Dan David Prize. Save as disclosed above, there are no details to be disclosed under paragraph 9.6.13 R of the Listing Rules.

It remains the Board's intention to appoint a further independent non-executive Director.