Helical Bar Plc (HLCL.L) said its Chairman Giles Weaver intends not to stand for re-election as a non-executive director at this year's Annual General Meeting to be held on July 24. Fellow long-serving directors Antony Beevor and Wilf Weeks will also step down at the same time.
The company announced that Nigel McNair Scott, a Director of Helical since 1985 and Finance Director since 1987, would become the non-executive Chairman of the company and would be replaced as Finance Director, from the conclusion of the AGM, by Deputy Finance Director, Tim Murphy.
The Board believes that Nigel is uniquely placed to lead it as a result of his long association with, and knowledge of, the company. His primary role during his tenure as Chairman will be to advise on the long term strategy of the group and to ensure that succession issues are planned and executed in a timely fashion, particularly in respect of the Chief Executive, Michael Slade. Slade has recently confirmed, at the request of Giles Weaver, his willingness and enthusiasm to remain at the helm of the company for the next five years.
Further, the Board intends to appoint two new independent non-executive directors immediately following the AGM on 24 July. Richard Gillingwater will become the Senior Independent Director and a member of the Nominations, Audit and Remuneration Committees. Richard Grant will become Chairman of the Audit Committee and a member of the Nominations and Remuneration Committees.
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by RTT Staff Writer
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