CML Microsystems PLC Update on Group FD recruitment (0910A)
17 Janvier 2020 - 8:00AM
UK Regulatory
TIDMCML
RNS Number : 0910A
CML Microsystems PLC
17 January 2020
CML Microsystems Plc
(The "Company" or the "Group")
Update on Group Financial Director recruitment process
The Group announced, in November 2019, that a process had begun
to appoint a successor to Neil Pritchard, Group Financial Director,
following his resignation to pursue other career opportunities.
Neil Pritchard will depart the Group at the end of February
2020.
As part of that process, the Board has reviewed its near-term
objectives and underlying senior management resources within the
Group's finance function along with timing around the Group's
current strategic needs and actions. As a result, the Board has
concluded that stakeholder interests are best served by delaying
the recruitment process into the next financial year, commencing 1
April 2020.
As an interim measure, the Board has decided that Nigel Clark,
Group Non-Executive Chairman, will adopt the additional executive
role of Financial Director. Nigel was formerly the Group's
Financial Director and will retain this dual role until the
recruitment process has been completed. Nigel will step off the
Audit Committee for the duration of his dual role.
Whilst a firm timescale for the succession process is difficult
to predict, the Board does not currently expect it to be completed
during the first six-months of the next financial year. A further
announcement will be made in due course.
CML Microsystems Plc www.cmlmicroplc.com
Nigel Clark, Group Chairman and Tel: +44 (0)1621 875 500
Financial Director
Chris Gurry, Group Managing Director
Shore Capital Tel: +44(0)20 7408 4090
Advisory
Edward Mansfield
James Thomas
Broking
Fiona Conroy
SP Angel Corporate Finance LLP Tel: +44(0)203 463 2260
Jeff Keating
Alma PR Tel: +44 (0)20 3405 0212
Josh Royston
Caroline Forde
About CML Microsystems PLC
CML designs and develops semiconductors for the industrial
storage and communications markets. The Group utilises a
combination of in-house and outsourced manufacturing and has
trading operations in Europe, the Far East and USA. CML targets
niche markets with strong growth profiles and high barriers to
entry. It has secured a diverse, blue chip customer base, including
some of the world's leading telecoms equipment providers and
industrial product manufacturers
The spread of its customers and products largely protects the
business from the cyclicality usually associated with the
semiconductor industry. Growth in its end markets is being driven
by factors such as the ever increasing trend towards solid state
storage devices in the commercial and industrial sectors, the
upgrading of telecoms infrastructure around the world and the
growing prevalence of private commercial communications networks
for voice and/or data communications linked to the industrial
internet of things (IIoT).
The Group is cash-generative, has a net cash position and is
dividend paying.
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