Electronics manufacturer TT Electronics has announced that its CEO and board director Peter France is stepping down from his role after 18 months.
France joined the Woking-based firm after five years of serving as group CEO of Aberdeen-based ASCO Group.
Prior to that he spent 28 years at Rotork, where he was CEO from 2008-2017.
Eric Lakin, who was announced as CFO designate in January, has been appointed as acting CEO with immediate effect and has joined the board as an executive director today.
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The company’s board will now run a process to explore and benchmark candidates to take over the vacant role of permanent CEO and has commenced a process to appoint an interim CFO.
The global provider of engineered electronics for performance critical applications has thanked France for his contributions over the past 18 months.
The business, which has design and manufacturing facilities in the UK, North America and Asia, has seen its share price drop from 83.4p at 16.30 yesterday to 72.4p at 10.30 today since the announcement.
It currently has a market cap of £131.11m.