TIDMABDP

RNS Number : 8924D

AB Dynamics PLC

01 July 2021

1 July 2021

AB Dynamics plc

("AB Dynamics" the "Group" or the "Company")

Directorate Change

AB Dynamics plc (AIM: ABDP), the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive market announces that, following an extended leave of absence on health grounds, Tony Best has notified the Board of his desire to retire and step down from the role of non-executive Chairman, with immediate effect.

On return from his leave of absence, Tony will be appointed as a Special Advisor to the Board, providing ongoing advice and expertise in engineering and the automotive sector. Tony founded the business in 1982 and joined the Board on IPO in 2013, when the Group was admitted to AIM. Under his chairmanship, the Group has grown substantially, both organically and through acquisition, and has developed into a market leading technology and engineering group of companies with strong growth prospects. The Board extends its sincere thanks to Tony for his significant contribution to the development of the Group and wishes him well on his retirement.

As part of its succession planning, the Board is pleased to announce that Richard "Dick" Elsy, a Non-Executive Director of the Group, who has been acting non-executive Chairman during Tony's absence, has been appointed as non-executive Chairman. Dick will become Chair of the Nomination Committee and Richard Hickinbotham will become Chair of the Remuneration Committee, both with immediate effect.

Dick Elsy is also a Non-Executive Director at AWE plc, and a member of the Council of UKRI-STFC.

Dick Elsy, Chairman, said:

"I'm delighted to have been appointed non-executive Chairman of the Group to build on the solid foundations that Tony has created. I wish him all the very best in his retirement and will value having access to his knowledge and experience as a Special Advisor. This is a very exciting time for the Company as we pursue growth from our strong technology portfolio and through targeted acquisitions. I'm looking forward to working with my very capable board colleagues to exploit the value of Tony's legacy".

Commenting on his retirement, Tony Best said:

"It has been an extraordinary and exciting journey from founding AB Dynamics as a small consultancy company nearly forty years ago and overseeing its growth into the global technology and manufacturing business it is today. I'm hugely proud of our achievements but I feel that the time is now right for me to step back from an active role. It is a testament to our leadership team that the Group has emerged from the huge challenges of the past year in better shape than ever, and I very much look forward to being able to continue to offer the benefit of my experience to the Board as the business continues to develop. Everyone at AB Dynamics has my best wishes for the future and I am confident the Group will go from strength to strength."

 
 Contact: 
 
 AB Dynamics plc                            01225 860 200 
 Dr James Routh, Chief Executive Officer 
 Sarah Matthews-DeMers, Chief Financial 
  Officer 
 
 Peel Hunt LLP                              020 7418 8900 
 Mike Bell 
 Ed Allsopp 
 
 Tulchan Communications                     020 7353 4200 
 James Macey White 
 Matt Low 
 Deborah Roney

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

The person responsible for arranging the release of this information is Felicity Jackson, Company Secretary.

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END

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July 01, 2021 09:01 ET (13:01 GMT)

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