Board Change

RNS Number : 0366W

TT Electronics PLC

13 April 2023

 

13 April 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

TT Electronics plc

Board Change

TT Electronics plc ("TT", "the Group"), a global provider of engineered electronics for performance critical applications, announces that, Richard Tyson, Group Chief Executive Officer, has informed the Board of his decision to leave the company to take up the role of CEO of Oxford Instruments plc.

Since joining in July 2014, Richard has overseen a period of transformational change, positioning the Group in structurally growing, higher added value markets with long-term customer partnerships, and driven a significant improvement in operational and financial performance. He has built a strong central and divisional leadership team and will leave the business well positioned for future growth.

The Board will now begin the process to appoint a new CEO.  Richard's notice period is 12 months and he will continue in role until the Board has completed the succession process.  The Board regularly reviews succession planning and will provide updates as and when appropriate.

Trading remains in line with the Board's expectations, with the next update on 9^th May 2023.

Warren Tucker, Chairman, said:

"Richard has been instrumental in the transformation of TT since he joined, improving the quality of the business and building a strong platform for future growth. The business has an experienced team and is executing a clear strategy. The Board is confident that we can continue to deliver strong growth and financial returns, creating significant value for all our stakeholders. On behalf of the Board, I want to thank Richard for his contribution and wish him every success in his new role."

Richard Tyson, CEO, said:

"I am very proud of what we have achieved at TT over the past nine years. We have transformed the Group to align with structurally growing and higher added value end markets, our relationships with our customers are longer term and more collaborative and we have made significant progress in our efforts to build an environmentally sustainable business. We have a strong team in place and good momentum across the business , providing an excellent platform from which to achieve our medium-term margin goals.  I have every confidence TT will go from strength to strength, executing on its record order book, delivering continued strong profit growth and driving free cashflow ."

For further information please contact:
TT Electronics plc	Tel: [phone]
Warren Tucker, Chairman Richard Tyson, Chief Executive Officer Mark Hoad, Chief Financial Officer Kate Moy, Head of Investor Relations and Communications
MHP	Tel: [phone]
Tim Rowntree / Ollie Hoare

About TT Electronics

TT Electronics is a global provider of engineered electronics for performance critical applications.

The company operates in industries where there are structural growth drivers, working with market-leading customers primarily in the industrial, medical, aerospace and defence sectors. Products designed and manufactured include sensors, power management devices and connectivity solutions. TT has design and manufacturing facilities in the UK, US, Sweden and Asia.

The company has three divisions. The Power and Connectivity division designs and manufactures power application products and connectivity devices which enable the capture and wireless transfer of data. We collaborate with our customers to develop innovative solutions to optimise their electronic systems. The Global Manufacturing Solutions division provides manufacturing services and engineering solutions for our product divisions and to customers that often require a lower volume and higher mix of different products. We manufacture complex integrated product assemblies for our customers and provide engineering services including designing testing solutions and value-engineering. The Sensors and Specialist Components division works with customers to develop standard and customised solutions including sensors and power management devices. Our solutions improve the precision, speed and reliability of critical aspects of our customers' applications.

 

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