Directorate Change

RNS Number : 3426B

Senior PLC

06 January 2015

 



6 January 2015

Appointment of Chief Executive

Senior plc ("Senior" or "the Group") is pleased to announce the appointment of David Squires as Group Chief Executive.  David will succeed Mark Rollins who, as previously announced, will be retiring from a full-time executive career after 17 years with the Group.

David joins Senior from Cobham plc ("Cobham"), where he is currently its Chief Operating Officer.  David will join Senior and the Board on 1 May 2015 as Group Chief Executive-designate before taking over as Group Chief Executive on 1 June 2015 when Mark Rollins leaves the Group.

The appointment follows a comprehensive search process, which considered both internal and external candidates and was led by the Chairman on behalf of the Board.

No further information is required to be disclosed pursuant to Listing Rule 9.6.13R in respect of David Squires.

Senior's Chairman, Charles Berry, commented:

"I am delighted to be able to announce the appointment of David Squires as Senior's new Group Chief Executive.  David clearly has the depth and breadth of experience, and the personality and drive to lead Senior through the next stage of its development.  I am confident that Senior will continue to make strong progress under his leadership.  In particular, his 25 years of experience in the global aerospace and defence industry, working in both developing and larger organisations, will be a significant benefit to Senior as it grows and increases its profile with its customers."

"Mark Rollins has made an enormous contribution to Senior in a career spanning 17 years, including 15 years on the Board, initially as Group Finance Director and then, for the past seven years, as Group Chief Executive.  In this time, Senior has been transformed from a lowly-rated, industrial conglomerate to a quality global engineering business, focused on the aerospace, defence, land-vehicle and energy markets.  The Group's financial performance and market capitalisation have increased significantly during this period and Mark leaves the Group in good health, with encouraging prospects for continued, long-term growth.  Accordingly, on behalf of the Board, I would like to thank him for his dedicated and successful service throughout his Senior career and to wish him all the very best for a long and fulfilling retirement."

David Squires said:

"Senior is an impressive business with a reputation for operational excellence, customer focus, talented people and the transparency of its internal and external communications.  I am greatly looking forward to building on these strong foundations and working with all of the Group's employees to take the business forward through the next phase of its development for the benefit of customers, shareholders and employees alike."

Enquiries:

Charles Berry	Chairman, Senior plc	[phone]
Mark Rollins	Group Chief Executive, Senior plc	[phone]
Bindi Foyle	Head of Investor Relations	[phone]
Philip Walters	RLM Finsbury	[phone]

Note to editors:

David Squires

David Squires, age 51, is currently the Chief Operating Officer for Cobham plc.  Cobham is a £2 billion revenue group providing products and services to the defence, security and commercial aerospace markets.  Prior to this role David held the position as President of its Mission Systems Division for five years, in which capacity he was responsible for Cobham's Mission Equipment, Life Support and Aviation Services businesses.  He has extensive and varied experience of the global aerospace and defence markets, having been employed in the industry for some 25 years at major global companies such as Eaton Corporation, BAE Systems, GEC-Marconi and the Hughes Aircraft Company as well as at Cobham.  David, born in Scotland, holds a BA in Business Management from Robert Gordon University in Aberdeen, is a Fellow of the Chartered Institute of Purchasing and Supply and a Fellow of the Royal Aeronautical Society.  Neither David Squires nor any connected person holds any interest in the shares of Senior plc.

On appointment, David Squires will receive a basic annual salary of £460,000, with pension and benefit provision in line with the Company's approved remuneration policy.  In addition, and also consistent with the remuneration policy, he will participate in Senior's annual bonus and long-term incentive plans and the value of incentive awards that David Squires will forfeit upon leaving his current employer will be compensated.  Full details will be provided in the Company's Annual Report and Accounts 2014.

Senior plc

Senior is an international manufacturing group with operations in 14 countries and 7,500 employees.  It is listed on the main market of the London Stock Exchange (symbol SNR).  Senior designs, manufactures and markets high technology components and systems for the principal original equipment producers in the worldwide aerospace, defence, land-vehicle and energy markets.  Further information on Senior plc may be found at: www.seniorplc.com

 

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