PLEASE TELL US A LITTLE ABOUT YOURSELF SO THAT WE CAN DISPLAY THE MOST
APPROPRIATE CONTENT TO YOU:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Macfarlane Group PLC (MACF)

Macfarlane Group PLC

Directorate Change
Macfarlane Group PLC
07 May 2003



The board of Macfarlane Group PLC announces that Iain Duffin has today stepped
down as chief executive and will not seek re-election as a director at the
company's Annual General Meeting to be held on 13 May 2003.


In his statement to the board, Mr Duffin said the group's major restructuring
programme had taken longer and had been more difficult than originally expected.
The restructuring difficulties had been exacerbated by poor economic conditions
and in particular the loss of business in Scotland due to the severe downturn in
the electronics industry. Nonetheless, Mr Duffin believed that the restructuring
programme was now nearing completion and that the strategy was clear. It was
therefore the right time to seek a successor with marketing and sales skills who
would take full advantage of the group's position. Mr Duffin intimated that he
would therefore stand down now as chief executive but that he would be available
to help with particular areas in the short term as the board might request.


The board thanks Iain Duffin for his efforts over the last four years. The
recent period has been difficult and the board agrees with Iain Duffin that now
is the right time to identify a new chief executive to take the group forward.
The company had already announced in its preliminary statement of results for
the year to 31 December 2002 that it intended to recruit a chief operating
officer with the capability to become chief executive. This recruitment process
is advancing well and a number of promising candidates with the ability to be
chief executive have been identified. Until a new chief executive starts, Sir
John Ward will become executive chairman and there will be some minor
reallocation of management and reporting lines within the business to ensure
that proper continuity is maintained.




Further information:

Sir John Ward                          Chairman                 0141 333 9666




Media:

Gordon Beattie                         Beattie Media            01698 787878





                      This information is provided by RNS
            The company news service from the London Stock Exchange
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close