11th Nov 2019 08:35
(Alliance News) - Electrocomponents PLC said Monday Chief Executive Officer Lindsley Ruth has been granted temporary leave of absence whilst he received treatment for a medical condition.
The FTSE 250-listed engineering firm added Ruth was expected to return to his post in 2020 following a "short period of recovery." In the meantime, Chief Financial Officer David Egan will assume chief executive duties.
"Lindsley has significantly improved the performance of Electrocomponents over the past four years," Chair Peter Johnson said. "We wish him a speedy recovery and look forward to welcoming him back to the business in full health."
"The business is in good shape," Johnson added. "It is executing well against a clear strategy and the board has complete confidence in the strength of the Senior Management Team under the direction of David Egan. I will be available to provide whatever time David and the broader management team need during Lindsley's absence."
Shares in London-based Electrocomponents were 0.7% lower at 720.20 pence in London on Monday.
By Ahren Lester; [email protected]
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