REG - Chemring Group PLC - Appointment of Chairman-designate

ChemringAnnouncement

24/06/2024 07:00

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RNS Number : 4654T  Chemring Group PLC  24 June 2024

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 (http://www.chemring.com.)

 

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