18 March Immediate Release
Trifast plc ('Trifast' or 'the Company') announces the following changes to the Board, which take place with immediate effect.
Steve Auld has stepped down as Chief Executive Officer, having left the business by mutual agreement. He joined the Board in 2005 following the Group's acquisition of its UK competitor, Serco Ryan and was appointed CEO in 2007. The Board would like to thank Mr Auld for his contribution to the Group.
In addition, the three Non-Executive Directors of Trifast, Anthony Allen (appointed as non-executive director in 2003 and as Chairman in 2004), Eric Hutchinson (appointed in 2004) and Bill Wilson (appointed in January 2008) have decided that this would be an appropriate time for them to also step down from their positions.
Malcolm Diamond, who retired from Trifast in 2002, has been appointed as Executive Chairman and Jim Barker, who succeeded Malcolm Diamond as Chief Executive Officer of Trifast in 2002 and held this post until 2007, has been appointed Chief Executive Officer with immediate effect.
Geoff Budd, who has been an executive member of the Board since 1986, remains with the business. Although currently on medical leave, he is expected to return to full time executive duties in the near term.
It is the intention of the two newly appointed Executive Directors to announce the appointment of new non-executive directors to join the Board as soon as discussions with the candidates have been completed.
A further announcement in respect of Malcolm Diamond and Jim Barker pursuant to Rule 9.6.13 of the Listing Rules of the UKLA will be made in due course.
Trifast Group plc Tel: 01825 747 366
Mark Belton, Company Secretary
Reg Hoare / Will Swan Tel: 020 7360 4900
Fairfax I.S. plc
Simon Bennett Tel: 020 7598 5368
Notes to Editors
Trifast plc is a leading international manufacturer and distributor of industrial fastenings to the assembly industries, with operations in Europe, the Americas and Asia.
For more information please visit www.trifast.com