The information contained within this announcement constituteS inside information as defined by the Market Abuse Regulations (EU) No. 596/2014, which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018 ("UK MAR").  Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

17 November 2023

RECORD PLC

Board Changes

Record plc ("Record", the "Company" or the "Group"), the specialist currency and asset manager, announces that after 31 years at Record, and four years as CEO, Leslie Hill will retire as Chief Executive Officer at the end of the current financial year in March 2024.

Having pivoted the business from a pure currency manager to a broader-based asset manager, the Board has agreed with Leslie that now is the right time to implement the next stage of the strategic succession plans developed over recent years.

The board is delighted to announce Dr Jan Witte's appointment to the board in the role of executive director and CEO Elect, effective 1 January 2024, and its intention to formally appoint Jan as Record's new CEO, with effect from 1 April 2024. Several months ago, the board identified Jan as a preferred candidate for succession as CEO.  Jan, who has recently moved with his family to London, is currently CEO of the Group's two regulated subsidiaries: Record Currency Management Limited and Record Asset Management GmbH.

Leslie will remain available on an advisory basis supporting the handover and transition of client relationships in line with the succession strategy.

David Morrison, Chairman, said, "I would like to thank Leslie for 31 years of service to Record and for all the critical work she has accomplished during this time, and to wish her a very long, healthy and happy retirement. I am delighted to welcome Jan to the board and to the role of CEO Elect - he has already demonstrated the right attributes and qualities to become Record's next CEO and we have been working with him as a possible successor to Leslie for some time. I look forward to continuing to work with Jan and the rest of the Board and executive team to deliver value for all of Record's stakeholders."

Leslie Hill, Chief Executive Officer, commented, "I have loved almost every day at Record and, as requested, have delivered a robust succession plan and an enlarged and diversified product suite and service offering. Now is the right time to pass the reins over to others for them to further build and diversify the business. I am ready to work as much or as little as requested, to help and coach our great team to more success in the future. As a large shareholder, I will remain a supportive and interested ally in our wonderful company, which I believe has a very bright future ahead."

Jan Witte commented, "I am excited to be given the opportunity to become Record's next CEO, and to working with my colleagues to take the Group forward in the further pursuit of growth. We will continue to evolve the business, building on the strong foundations laid by Leslie over her four year tenure as CEO".

This announcement is made pursuant to Listing Rule 9.6.11R.

The Company confirms that no further disclosure is required under LR 9.6.13R in respect of the appointment of Jan Witte as an executive director of the Company.

Jan Witte has an existing shareholding of 1,153,711 Ordinary Shares in the Company.