TT Electronics plc has named its next chair and CFO, while two non-executive directors are to stand down.
The listed firm saw a proposed £287 million takeover by Swiss electronics group Cicor collapse earlier this year after shareholders voted against the deal.
In the wake of that development, TT chairman Warren Tucker confirmed plans to step down as chairman in May after serving two three-year terms.
Now it has confirmed that Phil Swash will succeed him with effect from the end of TT’s Annual General Meeting, to be held on 15th May.
Swash is a highly experienced chairman and CEO with a distinguished career in global engineering businesses including Airbus, BAE Systems, GKN, Latecoere and Survitec. He brings deep expertise in aerospace, defence, automotive and marine sectors.
Swash is currently the non-executive chairman of Survitec Group Ltd and non-executive director of Cael Nova AG.
Swash said: “I believe that TT Electronics has huge potential, I am excited by the opportunity and look forward to working closely with Eric and the rest of the TT Board in contributing to the business and its growth strategy.”
After two three-year terms as chair of the audit committee and more recently as senior independent director, Anne Thorburn has informed the TT board of her intention to stand down.
She will remain on the board in her current capacity until her successor has been recruited and has offered herself for re-election at the company’s upcoming AGM.
In addition, after completing a three-year term as a non-executive director, Mick Ord has informed the board that he will not offer himself for re-election at the AGM to concentrate on his other business activities.
TT said this morning that it will welcome Ian Ashton as CFO in the coming months.
He has served as CFO at SIG plc, a supplier of specialist insulation and sustainable building products and solutions, since July 2020.
“I am delighted to welcome Phil to TT Electronics,” said Eric Lakin, CEO. “He has a wealth of industry experience and he brings an in-depth knowledge of the aerospace and defence sector.
“He joins us at a time when we continue to execute on our strategic direction and strong platform for growth, underpinned by our four priorities of divisional realignment, cost reduction, sales transformation and portfolio optimisation.”
Tucker said: “Since Covid TT and the board have been required to navigate a number of challenges; Mick and Anne have been pivotal in doing so and have worked relentlessly to use their expertise, business experience and judgement to help put TT in the best possible position to succeed.
“On behalf of the board and the company, I would like to express our huge gratitude for their service, and also thank Anne for agreeing to remain until her successor has been recruited.”