("Renold" or the "Group")
13 November 2019
Renold, a leading international supplier of industrial chains and related power transmission products, announces that Ian Scapens, Group Finance Director, has informed the Company of his intention to resign as a Director of Renold next year, and the retirement of Ian Griffiths as a Non-Executive Director.
Ian Scapens has decided to pursue new career opportunities and will be leaving Renold after publication of the results for the year ended 31 March 2020, which are expected to be released in June 2020. The Company will commence the process of recruiting a replacement for Ian with the intention of ensuring an orderly handover period.
Ian Griffiths who has served as a Non-Executive Director since 2010, has decided to retire from the Group for personal reasons, with immediate effect.
David Landless will succeed Ian Griffiths as the Senior Independent Director, and in accordance with the succession plan outlined in the 2019 Annual Report, Tim Cooper will succeed Ian as Chairman of the Remuneration Committee, both with immediate effect.
Mark Harper, Chairman of Renold plc, commented:
"On behalf of the Board, I would like to thank Ian Scapens for his dedication and tremendous support over the last three years and ahead of his departure, we wish Ian every success in his future career outside of the Group."
"I would also like to thank Ian Griffiths for his insight and contribution to the Board and Committees on which he has served over the last nine years. During that time, Renold has been through a period of significant change, and Ian's knowledge and experience have been invaluable in helping to form the strategic direction of the Group. The Board wishes Ian well for the future."
Renold Plc 0161 498 4500
Robert Purcell, Chief Executive
Ian Scapens, Finance Director
Peel Hunt 0207 418 8831
Instinctif Partners 0207 457 2020
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