FOR IMMEDIATE RELEASE 3 JANUARY 2013
CHEMRING GROUP PLC
APPOINTMENT OF GROUP FINANCE DIRECTOR
Chemring Group PLC ("Chemring" or "the Group") today announces the appointment of Steve Bowers as Group Finance Director with effect from 7 January 2013. He will take over from Nigel Young, who was appointed Interim Chief Financial Officer on 31 July 2012.
Steve was formerly Finance Director of Umeco plc, the provider of advanced composite materials primarily to the aerospace and defence industries, until its acquisition by Cytec UK Holdings Limited in July 2012. He joined Umeco in 1998, having qualified as a Chartered Accountant with KPMG, and for thirteen years held a number of financial roles, alongside the role of Company Secretary.
During Steve's time with Umeco, the business was transformed in both scale and focus, and he was closely involved in both acquisitions and disposals, as well as in the management of its financial reporting, treasury functions and banking relationships. He was integrally involved in the disposal process of Umeco's Supply Chain division, becoming Finance Director upon announcement of the disposal in 2011.
Peter Hickson, Chairman of Chemring, said:
"I am delighted to welcome Steve Bowers to Chemring's Board. He played a central financial role at Umeco during a period of considerable change, and his excellent knowledge of the international aerospace and defence industries will be of great benefit to the Group. Following Mark Papworth's recent arrival as CEO, Steve's appointment is another important step in strengthening our executive management team, as we commit to rebuilding operational and financial performance and delivering improved returns for shareholders."
There are no other matters requiring disclosure under Listing Rule 9.6.13.
-ENDS-
Chemring Group PLC
Rupert Pittman Group Director of Communications and Investor Relations
01489 881 880 / [email protected]
MHP Communications
Andrew Jaques / James White
0203 128 8100
