16th Dec 2022 08:54
(Alliance News) - RS Group PLC on Friday said that its chief executive officer resigned with immediate effect, while the chief financial officer will continue as acting CEO.
The London-based industrial and electronics products distributor said CEO Lindsley Ruth agreed with the board to step down immediately due to personal reasons.
He will remain available to the board over the next 12 months, which is equivalent to the length of his notice period.
CFO David Egan will continue to lead RS Group as acting CEO until a process to find a permanent successor is completed, alongside support from the management team.
"Lindsley has led the turnaround of an underperforming business and, working with the wider team, has created a strong vision and purpose for our company. RS Group is now a confident organisation full of talented people, aligned behind a clear strategy focused on delivering profitable growth and market share gains," said Chair Rona Fairhead.
"The board has every confidence in our people maintaining and building on our momentum and we thank David Egan and everyone in our fantastic team for their ongoing focus and commitment to deliver our strategy."
Ruth added: "I am proud to have led RS Group for over seven years. We have come a long way, and while the time is right for me to step away, I could not be prouder to see the great people in this business outperform and pursue the opportunities ahead."
Shares in RS Group were down 2.2% to 909.00 pence in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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