– UK, London – Flowtech Fluidpower Plc (LON: FLO), AIM-listed fluid power products supplier, today announced that Non-Executive Chairman Malcolm Diamond MBE is to retire from the Board at the AGM on the 3 June 2020.
The Board is delighted that Non-Executive Director Bill Wilson will then take over as Executive Chairman. Bill has been a Non-Executive Director since September 2018 and held the role of Non-Executive Chairman for 18 months prior to the Company’s IPO. The Board believes his 30 years of experience in the manufacturing and industrials sectors is extremely well suited to supporting the management team in an executive capacity. This role is not expected to be full time, but a flexible commitment depending on workflow.
The Board is also pleased to announce the appointment of Roger McDowell as Senior Independent Director with effect from the AGM.
Roger is a highly successful businessman and entrepreneur, with a strong record of delivering shareholder value. He was Managing Director of Oliver Ashworth for 18 years before IPO and subsequent sale to Saint-Gobain, and won The Sunday Times AIM Non-Executive Director of the Year award in 2017 for his Chairmanship of Avingtrans plc, a precision engineering business. He also currently serves as Non-Executive Chairman of Hargreaves Services plc, Senior Non-Executive Director of Tribal Group plc and is a Non-Executive Director of Brand Architekts plc, Proteome Sciences plc, ThinkSmart Ltd, Augean plc and British Smaller Companies VCT II plc.
Roger will Chair the Remuneration Committee and sit as a Member of the Audit, AIM Compliance and Nomination Committees.
Non-Executive Chairman, Malcolm Diamond MBE, commented: “Having been Chair since 2014, I have had the pleasure of working with ambitious and dedicated colleagues over the past six years as we have expanded rapidly within a highly fragmented market. It has been a pleasure to welcome Bill Wilson and Russell Cash on to the Board as we focus on restructuring key operational resources in order to yield the many cost synergies available from acquisitions made over the past three years. I feel that with the benefits of these actions now becoming tangible, it is the right time to retire leaving the Company in revitalised hands.”
Bryce Brooks, CEO added: “I am enormously grateful for the support Malcolm has given me and the rest of my executive team over the last six years, and we are all very much looking forward to working with Bill and Roger in their respective new roles. While our immediate priorities are the health and safety of our employees and the support we give our customers, these changes will help underpin the long-term future of our organisation.”
For more information: https://www.flowtechfluidpower.com
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