RNS Announcements

Board Changes

29 September 2017

XP Power is pleased to announce the appointment of Gavin Griggs as Chief Financial Officer and an Executive Director of the Group. Gavin will join the business and take up his Board position in November 2017.

Gavin is a CIMA qualified accountant and has worked in a range of acquisitive businesses with an international footprint, most recently Daisy Group Ltd, where he is currently Group Finance Director. Prior to Daisy Group, Gavin served as the Chief Financial Officer of Alternative Networks plc, an AIM listed Information Technology and Telecommunications provider, prior to its acquisition by Daisy in December 2016.  His previous experience includes senior finance roles at Logica, Sodexo, PepsiCo and SABMiller.

Gavin will replace Jonathan Rhodes, who will step down from the Board on Gavin's start date with the Group, but who will remain with the Group in a senior finance position.

Duncan Penny, CEO, said: "Gavin's wide-ranging financial, commercial and M&A experience, gained within a number of international businesses, will be an asset to XP in the next phase of our development.  We look forward to welcoming him to the Group."

"On behalf of the Board, I would like to thank Jonathan Rhodes for his excellent stewardship of the finances of XP over the last six years.  We are pleased to be retaining his skills within the Group and look forward to his continuing contribution."

The Nominations Committee, assisted by a leading search firm, completed an assessment and benchmarking of a number of external candidates, with the result that the Board was unanimous in its recommendation of Gavin Griggs.

There are no other disclosures to be made pursuant to Listing Rule 9.6.13.

Enquiries:

 
XP Power   
Duncan Penny, Chief Executive  +44(0)7776 178 018
   
Citigate Dewe Rogerson   +44(0)20 7638 9571
Kevin Smith/Jos Bieneman  
 

Note to editors

XP Power is a leading international provider of essential power control solutions.  Power direct from the electricity grid is unsuitable for the equipment which it supplies.  XP Power designs and manufactures power converters - components which convert power into the right form for our individual customers' needs, allowing their electronic equipment to function.  XP Power supplies the healthcare, industrial and technology industries with this mission critical equipment.  Significant, long term investment into research and development means that XP Power's products frequently offer significantly improved functionality and efficiency.

 

For further information, please visit www.xppower.com

 

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