TIDMTRI
RNS Number : 6042M
Trifast PLC
15 September 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the
publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Friday, 15 September 2023
Trifast plc
(Trifast, the Company)
CEO appointment
London: Trifast (LSE Symbol: TRI) announces today that Iain
Percival is to be appointed Chief Executive Officer and will join
the Main Board with effect from 20 September 2023.
Iain holds a BSc (Hons) Mechanical Engineering degree and, over
a 30-year career he has worked in divisional leadership positions
within a number of international manufacturing businesses. An
experienced industrialist Iain has also gained significant
experience within transformational change environments with a key
focus on cost down, supply chain productivity initiatives,
effective supply chain management and manufacturing
efficiencies.
Between 2017-2021 Iain was Divisional Chief Executive at
Essentra Packaging, part of Essentra plc, a FTSE250 company. Within
this role he led the transformation and M&A strategy which
resulted in this division achieving a return to growth and becoming
a successful leading player in its sector. Between 2004-2016 he
spent twelve years with Rexam PLC where he held senior roles within
three of its divisions before being appointed divisional CEO of the
Beverage Cans business in Europe; during 2013-2016, he
strategically reshaped the business focus and delivered top line
growth through a mix of volume recovery and market share. Under his
stewardship all these businesses delivered value to the parent
company and stakeholders. Prior to this, he spent 10 years in
purchasing roles with Toyota Motor Europe (1993-2003) and three
years with Dowty Group plc within its fuel systems operation.
Following Iain's appointment to CEO, Scott Mac Meekin will step
down from the Board on 19 September 2023. He will however remain
with the business and will be appointed Head of Strategic
Transformation and continue to work alongside the senior team
primarily overseeing the ongoing delivery of the TruProfit and
working capital improvement programmes across the Group.
On the changes to the Board, Serena Lang, Non-Executive Chair at
Trifast said:
"On behalf of everyone involved in the business I would like to
thank Scott for his enthusiasm and the personal commitment he has
made to us as Interim CEO while we identified a permanent successor
for the position. Over the last six months, through a clearly
defined recovery roadmap based on several key self-help operational
and commercial improvement programmes, Scott has ensured a greater
emphasis on aligning our objectives to achieve future earnings
growth. We are delighted that as a Board we will continue to have
access to Scott's extensive sector knowledge and industry wide
experience."
"We also welcome Iain to Trifast. We believe that we have
attracted an experienced leader whose multifaceted skills and
hands-on experience will be invaluable as we continue to rebuild
and reposition the business over the medium-term. We look forward
to updating in more detail on progress at the Half-year results in
November."
Iain Percival, CEO elect commented:
"I am looking forward to joining Trifast and working with the
global team leaders, and engaging with staff, customers and
suppliers whilst also maintaining our focus and pace on the
initiatives that are already in place and successfully bringing
business performance improvement."
Scott Mac Meekin, Head of St rategic Transformation added:
"So far, I have been impressed by the Trifast team's response to
the recovery initiatives we have put in place and that are already
delivering. Our focus must be to maintain momentum so I am looking
forward to overseeing the roll-out of the TruProfit and working
capital programmes and also supporting Iain in his new role, and
the wider Trifast team."
Iain currently holds no ordinary shares in the Company.
There are no further details to disclose relating to Iain
Percival under Listing Rule 9.6.13R.
Further enquiries please contact:
Trifast plc
Serena Lang, Non-Executive Chair Tel: +44 (0) 1825 747630
Christopher Morgan, Company Secretary E-mail:
Shareholders: Companysecretariat@trifast.com
General: corporate.enquiries@trifast.com
Peel Hunt LLP (Stockbroker & financial
adviser) Tel: +44 (0) 20 7418 8900
Mike Bell
TooleyStreet Communications (IR &
media relations) Tel: +44 (0)7785 703523
Fiona Tooley Email: fiona@tooleystreet.com
About Trifast plc (TR)
Founded in East Sussex in 1973, TR is a leading international
specialist in the design, engineering, manufacture, and
distribution of high-quality industrial fastenings and Category 'C'
components principally to major global assembly industries.
The Group supplies to customers in c.70 countries across a wide
range of industries, including light vehicle, heavy vehicle, health
& home, energy, tech, & infrastructure (ET&I), general
industrial and distributors. As a full-service provider to
multinational OEMs and Tier 1 companies spanning several sectors,
we deliver comprehensive support to our customers across every
requirement, from concept design through to technical engineering
consultancy, manufacturing, supply management and global
logistics.
As an international business we are able to provide 24/7
customer support from across key regions in the UK, Asia, Europe
and North America. In addition to our service locations, we operate
a number of manufacturing facilities focused on high volume cold
forged fasteners and special parts. We have also established
Technical & Innovation Centres to support R&D and customer
collaboration across the world.
For more information, visit:
TRIFAST PLC TRI Stock | London Stock Exchange
Our website: www.trifast.com
LinkedIn: www.linkedin.com/company/tr-fastenings
Twitter: www.twitter.com/trfastenings
Facebook: www.facebook.com/trfastenings
TR Annual Report 2023:
https://www.trfastenings.com/investors/reports-and-presentations
TR Sustainability Report 2023:
https://www.trfastenings.com/investors/reports-and-presentations
Note
Trifast, TR and TR Fastenings are registered trademarks of the
Company
LEI number: 213800WFIVE6RWK3CR22
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END
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