FOR IMMEDIATE RELEASE
24 JUNE 2024
CHEMRING GROUP PLC
("Chemring", the "Group" or the "Company")
Appointment of Non-Executive
Director and Chairman-Designate
Chemring is pleased to announce the
appointment of Tony Wood as an independent non-executive director
and Chairman-designate. He joins the Board with effect from 1
October 2024 and will succeed Carl-Peter Forster as Chairman of the
Board on 1 December 2024, following Carl-Peter's retirement on 30
November 2024.
Carl-Peter joined the Board of
Chemring on 1 May 2016 and was appointed Chairman on 1 July 2016.
Since then he has successfully led the Group through a period of
significant transformation as we have built a stronger,
higher-quality and more resilient business. The investments made in
both culture and infrastructure position the Group well to
capitalise on its many opportunities.
Tony is a member of the Board of
Directors of Airbus SE, the CAC 40 aerospace and defence firm, and
National Grid plc, an energy company operating in the UK and the
US. From 2018-2022 he was Chief Executive of FTSE 100 Meggitt plc,
where he led the operational and cultural transformation of the
company. He brings to the Board significant engineering and sector
experience having also been a Non-Executive Director and former
President of ADS Group Limited, the trade association for the
Aerospace, Defence, Security and Space sectors in the UK, from
2020-2023. Prior to joining Meggitt he spent 15 years at
Rolls-Royce plc, latterly serving as President of Aerospace from
2013-2016.
Tony holds a degree in Engineering
from the Open University in the UK and a Master of Business
Administration from INSEAD in France. He is a Fellow of the Royal
Aeronautical Society and a Fellow of the Association for Project
Management.
Michael Ord, Chief Executive of Chemring,
commented:
"On behalf of the Board I would like
to thank Carl-Peter for his immeasurable guidance and commitment to
Chemring over the past eight and a half years. He has led the Board
through a period of significant transformation, and he leaves the
Group in an excellent position to continue this success.
"We are delighted that Tony has
agreed to succeed Carl-Peter as Chairman of Chemring. He joins at
an extremely exciting point in Chemring's development and his
knowledge and understanding of the defence and aerospace sector
will be invaluable. Tony is an extremely experienced individual
with a strong business track record, and the Board believes that he
is the right person to oversee the next stage of the Group's
development."
Carl-Peter Forster, Chairman, said:
"I have greatly enjoyed my eight and
a half years as Chairman of Chemring, during which time the Group
successfully focused its operations within its core niche markets,
re-entered the FTSE 250, steadily improved profitability and now
has the ambition to achieve annual revenues of c.£1billion by
2030.
"The transformation of the Group
could only have been achieved with the dedication and hard work of
its management and employees. I am grateful for the many years of
successfully working with the team at Chemring and I wish them all
well in the future."
Tony
Wood added:
"I am very
much looking forward to joining the Board of Chemring succeeding
Carl-Peter as Chairman, and to working with the Board, Michael Ord
and the leadership team to support the next exciting stage in the
Company's development."
There are no further disclosures
required to be made in accordance with LR 9.6.13R of the Listing
Rules of the UK Listing Authority.
For
further information:
Rupert
Pittman Group Director of
Corporate Affairs,
01794 463401
Chemring Group PLC
James
McFarlane MHP
Group
07584 142665
Ollie
Hoare
07817
458804
Cautionary
statement
This announcement contains
forward-looking statements that are based on current expectations
or beliefs, as well as assumptions about future events. These
forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts. Forward-looking
statements often use words such as anticipate, target, expect,
estimate, intend, plan, goal, believe, will, may, should, would,
could, is confident, or other words of similar meaning. Undue
reliance should not be placed on any such statements because they
speak only as at the date of this document and, by their very
nature, they are subject to known and unknown risks and
uncertainties and can be affected by other factors that could cause
actual results, and Chemring's plans and objectives, to differ
materially from those expressed or implied in the forward-looking
statements. There are a number of factors which could cause actual
results to differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are: increased competition, the loss of
or damage to one or more key customer relationships, changes to
customer ordering patterns, delays in obtaining customer approvals
for engineering or price level changes, the failure of one or more
key suppliers, the outcome of business or industry restructuring,
the outcome of any litigation, changes in economic conditions,
currency fluctuations, changes in interest and tax rates, changes
in raw material or energy market prices, changes in laws,
regulations or regulatory policies, developments in legal or public
policy doctrines, technological developments, the failure to retain
key management, or the key timing and success of future acquisition
opportunities or major investment projects. Chemring undertakes no
obligation to revise or update any forward-looking statement
contained within this announcement, regardless of whether those
statements are affected as a result of new information, future
events or otherwise, save as required by law and
regulations.
Notes to editors
· Chemring
is a FTSE250 global business that specialises in the manufacture of
high technology products and the provision of services to the
aerospace, defence and security markets
· Employing
approximately 2,600 people worldwide, and with production
facilities in four countries, Chemring meets the needs of customers
in more than fifty countries
· Chemring
is organised under two strategic product segments: Sensors &
Information and Countermeasures & Energetics
· Chemring
has a diverse portfolio of products that deliver high reliability
solutions to protect people, platforms, missions and information
against constantly changing threats
· Operating
in niche markets and with strong investment in research and
development ("R&D"), Chemring has the agility to rapidly react
to urgent customer needs
www.chemring.com