Coral Products PLC Directorate Change
25 Oktober 2024 - 8:00AM
RNS Regulatory News
RNS Number : 5628J
Coral Products PLC
25 October 2024
25 October
2024
Coral Products
Plc
("CRU" or
the "Company")
Directorate
Change
Coral Products plc, a group of
specialist businesses in the design, UK manufacture and
omni-channel supply of a wide range of bespoke plastic products
based in Wythenshawe, Manchester, announces that in the light of
the continued challenging trading environment, Coral has entered
into a cost rationalization exercise and reflecting this, by mutual
agreement, Lance Burn, Group CEO, has resigned and will leave the
Group on 31st October 2024. Ian Hillman, currently Division MD -
Flexibles, will now take the position of Group COO responsible for
the day-to-day oversight and direction of all businesses within
both Divisions.
Lance has positively reengineered
the Group, providing clear strategic direction and defined process
improvement so helping create a more transparent and
performance-led organisation. The market corrections reported at
the start of the calendar year and the unexpected and continuing
headwinds announced in our recent trading update demanded the
"right-sizing" of the Group to maintain its financial resilience.
As a part of this, Lance felt that he can no longer contribute to
our M&A plans as originally envisaged and accordingly, the
costs associated with his involvement would be better removed from
the business.
Further operational changes have
been implemented today to reset the cost base of the Group in order
that it is better positioned to operate in the current economic
conditions.
Joe
Grimmond, Chairman commented, "I
fully respect Lance's decision to leave particularly for the manner
in which he has placed the Groups' interests first and foremost in
his decision. Lance has brought energy, focus and determination to
resolve key challenges facing our Company. I wish Lance all my very
best in whatever he chooses to do next.
Ian is a proven operator and current
executive Board member who has been working closely with Lance and
I am therefore confident this will be a smooth transition and that
Ian will continue to consolidate the many positive changes begun
under Lance's tenure."
For
further information, please contact:
Coral Products
plc
Lance Burn,
CEO
|
Tel: 0161 946
9476
|
Nominated
Adviser & Broker
Cavendish
Capital Markets Limited
Adrian Hadden (Corporate Finance)
Charlie Combe (ECM)
|
Tel: 020 7397
1966
|
|
|
Financial
PR
Novella
Tim Robertson/Safia Colebrook
|
Tel: 020 3151 7008
|
|
|
This announcement has been posted
to: https://coralproducts.com/
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as amended by regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. Upon the publication of
this announcement via Regulatory Information Service, this inside
information is now considered to be in the public
domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
BOABCBDGGBDDGSS
Coral Products (LSE:CRU)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Coral Products (LSE:CRU)
Historical Stock Chart
Von Dez 2023 bis Dez 2024