Board Appointments 22 Sep 06
Renold plc is pleased to announce the appointment of two Non-Executive Directors. Matthew Peacock will be joining the Board as Chairman and Rod Powell will be a Non-Executive Director with immediate effect.
These appointments follow the announcement at the AGM on 19 September 2006 when Roger Leverton, Chairman and Mark Smith, Senior Non-Executive Director announced their intention to step down from the Company as Non-Executive Directors, which they have done today with immediate effect.
Matthew Peacock, aged 44, is the co-founder of Hanover Investors, a specialist turnaround investment firm based in London and New York. Prior to Hanover, Matthew ran the International M&A team in London at Barclays De Zoete Wedd in 1989, having previously worked in New York for Credit Suisse First Boston. Rod Powell was Chief Executive of the Control Systems Division of Invensys.
Bob Davies, Chief Executive commented; "I would like to express my thanks on behalf of the Board to both Roger and Mark for their assistance and wise counsel over many years and in particular on a personal level since I joined the Company in 2004. They both have helped us through a difficult period and given the recovery in the Group's performance and following the recent restructuring, they have now decided the time is right to step down from the Board. We welcome Matthew and Rod and look forward to working with them as the Company continues to move forward."
As the Chairman expressed at the AGM this week, the results of the first five months have shown a continuation of the substantially improved performance seen in the second half of last year. Steel prices have remained relatively stable so far, although there is some indication of upward pressure in the second half. Order intake over recent months has been encouraging, with the order book balance at the end of August up 14% from the beginning of the year, and cumulative orders for the first five months up 16% over the previous year.