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Videndum hires Bodycote CEO as chair, shares up as strike ends

9th Nov 2023 14:18

(Alliance News) - Videndum PLC on Thursday announced the hiring of Stephen Harris as its chairman designate, while markets celebrated news that a deal has been struck to end the Hollywood actors' strike.

Shares in Videndum were up 5.2% at 315.00 pence in London on Thursday afternoon.

This followed the announcement earlier on Thursday that Hollywood actors' union Sag-Aftra agreed an albeit tentative deal with studios to end a four-month strike.

The industrial action, with better pay and safeguards restricting the use of artificial intelligence among key demands, had lasted for four months. It coincided with a separate walkout by members of the Writers Guild of America, which ended after almost five months in September, with the combined strikes disrupting film and TV production across the industry.

Also on Thursday, London-based Videndum announced the appointment of its new chair designate.

Videndum, which manufactures hardware and software for the content creation market - including for broadcasters and film studios - said new Chair Stephen Harris will take over from Ian McHoul "as soon as is practicable and appropriate, and not later than the 2024 AGM." McHoul previously announced in September his plans to stand down at the annual general meeting.

Harris is currently chief executive officer of Bodycote PLC, a FTSE 250-listed thermal processing service provider. In May he announced his plans to leave the company next year, having first assumed the role in 2009. His prior roles include serving as an executive director of Spectris PLC and a non-executive director at Mondi PLC.

"His track record of creating value in industrial engineering companies is exceptional and his appointment to the Board is excellent news for Videndum... It is testament to the potential of Videndum that we can attract someone of Stephen's quality," commented Senior Independent Director Richard Tyson.

By Emma Curzon, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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