Record PLC MANAGEMENT REORGANISATION (2752R)
16 November 2012 - 8:00AM
UK Regulatory
TIDMREC
RNS Number : 2752R
Record PLC
16 November 2012
RECORD PLC
MANAGEMENT REORGANISATION
Record plc ("Record" or the "Company"), the specialist currency
manager, announces today that it will be undertaking a management
reorganisation. As a result of this reorganisation, the combined
position of Chief Financial Officer and Chief Operating Officer
currently held by Paul Sheriff will be replaced by a separate Chief
Financial Officer and Chief Operating Officer. Record anticipates
that it will make internal appointments in respect of both of these
positions, and Record and Mr. Sheriff have agreed that he will
leave Record's employment and cease to be a director of Record plc
with effect from 31(st) March 2013.
Commenting on today's announcement, Neil Record, Chairman of
Record plc, said: "Paul has made a significant contribution to
Record's development in the four years he has been with the firm,
developing the finance and operations teams, improving the
corporate governance and risk framework of the Group and
successfully delivering the project to replace the core middle and
back office systems at Record. On behalf of the Board of Directors,
I would like to thank Paul for this contribution and to wish him
well for the future."
James Wood-Collins, Chief Executive Officer, said: "I too would
like to acknowledge Paul's many successes at Record. In particular
I appreciate the work he has done in developing and strengthening
his teams, and I am excited about the prospect of offering senior
individuals at Record more responsibility in these new positions. I
am also grateful to Paul for agreeing to continue through to the
end of this financial year to ensure a smooth transition in respect
of each position."
No changes are being made to the management of Record's
client-facing or investment functions. The position of Chief
Financial Officer will also involve a new appointment to the Board,
and Record is confident of making an announcement to this effect
before the end of the current financial year.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
Neil Record
James Wood-Collins
MHP Tel: +44 (0) 20 3128 8100
Nick Denton
John Olsen
Vicky Watkins
Notes to Editors
Record plc
Record is a specialist currency manager and provider of currency
hedging services for institutional clients. Founded in 1983, Record
has established a market leading position as a currency manager.
Specifically, the Group has a leading position in managing Dynamic
Hedging and Currency for Return for institutional clients.
The Group has three principal product lines:
- Dynamic Hedging, formerly known as Active Hedging, where
Record seeks to eliminate the impact of currency movements on
elements of clients' investment portfolios that are denominated in
foreign currencies when these movements are expected to result in
an economic loss to the client, but not to do so when they are
expected to result in an economic gain;
- Passive Hedging, where Record seeks to eliminate fully or
partially the economic impact of currency movements on elements of
clients' investment portfolios that are denominated in foreign
currencies; and
- Currency for Return, formerly known as Absolute Return, in
which Record enters into currency contracts for clients with the
objective of generating positive returns.
Record (LSE: REC) was admitted to trading on the London Stock
Exchange on 3(rd) December 2007.
This announcement includes information with respect to Record's
financial condition, its results of operations and business,
strategy, plans and objectives. All statements in this document,
other than statements of historical fact, including words such as
"anticipates", "expects", "intends", "plans", "believes", "seeks",
"estimates", "may", "will", "continue", "project" and similar
expressions, are forward-looking statements.
These forward-looking statements are not guarantees of the
Company's future performance and are subject to risks,
uncertainties and assumptions that could cause the actual future
results, performance or achievements of the Company to differ
materially from those expressed in or implied by such
forward-looking statements.
The forward-looking statements contained in this document are
based on numerous assumptions regarding Record's present and future
business and strategy and speak only as at the date of this
announcement.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained in this announcement whether as a result of
new information, future events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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