19 April 2016
Chemring Group PLC
("Chemring" or "the Group")
Appointment of Non-Executive Director and Chairman-Designate
Chemring is pleased to announce the appointment of Carl-Peter Forster as an independent non-executive director and Chairman-designate. He joins the Board with effect from 1 May 2016 and will succeed Peter Hickson as Chairman of the Board following Peter's retirement on 1 July 2016.
Carl-Peter Forster (61) is a highly accomplished senior executive, who has extensive experience within the industrial goods and engineering sectors, including senior leadership positions in some of the world's largest automotive manufacturers including BMW, GM and Tata Motors.
Carl-Peter is currently a non-executive director of Rexam PLC, IMI plc and Cosworth Ltd. He is also Chairman of the London Taxi Company, a member of the Board of Volvo Cars Corporation, and a member of the Board of Geely Automobile Holdings. From 2003 to 2006 he was a non-executive director of Rolls-Royce plc.
After graduating, Carl-Peter joined McKinsey, where he worked in the automotive and aerospace sector. He joined BMW in 1986 and held various leadership positions before being appointed as Managing Director of BMW South Africa in 1996. In 1999 he was promoted to the BMW Management Board and made responsible for worldwide manufacturing. In April 2001 he became Chairman and Managing Director of Adam Opel AG and Vice President of General Motors Europe, then President of General Motors Europe and Chairman of the Supervisory Board of Adam Opel AG in 2004. In 2006, following a successful turnaround of General Motors' European operations, he was appointed General Motors Group Vice President and a member of General Motors' Global Automotive Strategy Board. He then became Group Chief Executive of Tata Motors, responsible also for Jaguar Land Rover, serving in this role until September 2011.
Peter Hickson, Chairman of Chemring, said: "I am delighted that Carl-Peter has agreed to succeed me as Chairman. He is an extremely experienced individual with a strong business track record, and I am certain that he will do an excellent job leading the Board and supporting the Company."
There are no further disclosures required to be made in accordance with LR 9.6.13R of the Listing Rules of the UK Listing Authority.
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Enquiries:
Chemring Group PLC |
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Rupert Pittman |
Group Director of Corporate Affairs |
+44 (0)1794 833 901 |
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MHP Communications |
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Andrew Jaques |
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+44 (0)20 3128 8100 |
James White |
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Cautionary statement
This announcement contains forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could, is confident, or other words of similar meaning. Undue reliance should not be placed on any such statements because they speak only as at the date of this document and, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Chemring's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are a number of factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are; increased competition, the loss of or damage to one or more key customer relationships, changes to customer ordering patterns, delays in obtaining customer approvals for engineering or price level changes, the failure of one or more key suppliers, the outcome of business or industry restructuring, the outcome of any litigation, changes in economic conditions, currency fluctuations, changes in interest and tax rates, changes in raw material or energy market prices, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments, the failure to retain key management, or the key timing and success of future acquisition opportunities or major investment projects. Chemring undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.
Notes to editors
· Chemring is a global business that specialises in the manufacture of high technology products and the provision of services to the aerospace, defence and security markets
· Employing approximately 3,000 people worldwide, and with production facilities in four countries, Chemring meets the needs of customers in more than fifty countries
· Chemring is now organised under three strategic product segments: Countermeasures, Sensors & Electronics, and Energetic Systems
· Chemring has a diverse portfolio of products that deliver high reliability solutions to protect people, platforms, missions and information against constantly changing threats
· Operating in niche markets and with strong investment in research and development, Chemring has the agility to rapidly react to urgent customer needs
www.chemring.co.uk
