26th Mar 2007 07:03
Cosalt PLC26 March 2007 Cosalt Plc Announcement of Board Changes To help facilitate the implementation of the new Group strategy, outlined in theannual report, with its emphasis on growth in the safety area, both organicallyand through acquisition, the Board is delighted to announce that Mr M R Peacockhas accepted the invitation to join the Board as a non-executive director witheffect from 27 March 2007. Mr Peacock is managing partner of Hanover Investorsand is currently chairman of Renold plc and a non-executive director ofElementis plc and SMG plc. Hanover currently owns 13.98% of the issued sharecapital of Cosalt plc. To enhance its ability to drive a more focussed business, Cosalt announces thefollowing Board changes: Mr E D W Phillips and Mr P T Nevitt, both Managing Directors, have stepped downfrom the Board with immediate effect in order that they can focus solely on themanagement of their respective divisions. Mr Phillips is Managing Director of Cosalt International. Whilst continuing tofocus on running and developing the Group's marine safety business, he will alsotake on the chairmanship of the Bofort Group of companies in Belgium, Italy, theNetherlands and Germany, acquired in December 2006. Mr Nevitt is Managing Director of Cosalt Holiday Homes. He will oversee thecontinued recovery in the Holiday Homes business. Separately, Mr J F Dean, non-executive director, retires from the Board, and MrF W Wood, former Group Managing Director will, as previously announced, retirefrom full-time employment on 31 December 2007, at which time he will step downfrom the Board. 26 March 2007 Enquiries: College Hill Associates 020 7457 2020 Mark Garraway This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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