1 August 2023
XP Power Limited
("XP Power", "the Group" or "the Company")
Appointment
of Chief Financial Officer
XP Power
is pleased to announce the appointment of Matt Webb as Chief Financial Officer (CFO) with
effect from 4 September 2023 and he
will be appointed as an Executive Director of the Board at the
Board meeting scheduled for 5 October
2023.
Matt
brings with him over 25 years' experience of working within
international businesses at Group and Divisional level, giving him
a broad strategic and operational skillset. Most recently he was
Chief Financial Officer at Luceco plc, a FTSE Main Market designer
and manufacturer of LED lighting, EV charging equipment and
electrical wiring devices, from February
2018 until April
2023.
Prior to
Luceco plc, Matt spent 11 years with Ferguson plc, the
multinational building materials distribution business, in various
strategic and financial roles that included time spent in the
USA as Finance Director for
Ferguson's largest division. His earlier career was spent with BPB
plc and Saint-Gobain. Matt qualified as a Chartered Accountant with
KPMG LLP and holds a degree in Engineering Science from the
University of Oxford.
The
appointment of Matt Webb follows an
extensive search and selection process.
The Board
would like to thank David Stibbs,
Interim CFO, for leading the finance team over the last five months
and look forward to his continuing contribution to the success of
the Group.
Jamie Pike, Chair of XP Power, said:
"I am
delighted to welcome Matt Webb as
CFO. He is an experienced CFO with a track record of bringing
strategic, operational and financial improvements to growing,
listed manufacturing businesses. We are confident that the wealth
of skills and knowledge he has accrued in senior roles within
large, international businesses will be a valuable asset to XP
Power. XP Power has ambitious, global growth plans and we look
forward to Matt's contribution."
Matt Webb added:
"XP Power
has enviable positions in attractive markets with clear long-term
growth potential and I am delighted to be joining the Group at such
an exciting time as it continues to lay the foundations necessary
to maximise future progress."
There are
no other disclosures to be made pursuant to Listing Rule
9.6.13.
Enquiries:
XP
Power
Gavin Griggs, Chief Executive Officer +44
(0)118 984 5515
Citigate
Dewe Rogerson
Kevin Smith/Lucy
Gibbs +44
(0)207 638 9571
Note
to editors
XP
Power designs and manufactures power controllers, the essential
hardware component in every piece of electrical equipment that
converts power from the electricity grid into the right form for
equipment to function. Power controllers are critical for optimal
delivery in challenging environments but are a small part of the
overall customer product cost.
XP
Power typically designs power control solutions into the end
products of major blue-chip OEMs, with a focus on the Industrial
Technology (circa 41% of sales), Healthcare (circa 20% sales) and
Semiconductor Manufacturing Equipment (circa 39% of sales) sectors.
Once designed into a programme, XP Power has a revenue annuity over
the life cycle of the customer's product which is typically five to
seven years depending on the industry sector. XP Power has invested
in research and development and its own manufacturing facilities in
China, North America, and Vietnam, to develop a range of tailored
products based on its own intellectual property that provide its
customers with significantly improved functionality and
efficiency.
Headquartered
in Singapore and listed on the
Main Market of the London Stock Exchange since 2000, XP Power is a
constituent of the FTSE All Share Index. XP Power serves a global
blue-chip customer base from over 30 locations in Europe, North
America, and Asia.
For
further information, please visit
xppowerplc.com