23rd Jun 2011 07:01
Nicholas Cadbury appointed as Premier Farnell CFO
23rd June 2011. London - Premier Farnell, the leading distributor of products and services to engineers and purchasing professionals globally, is pleased to announce the appointment of Nicholas Cadbury as the Group's Chief Financial Officer, with effect from 1st September 2011. Mr Cadbury replaces current CFO Mark Whiteling who leaves on 1st August 2011 after 5 years with the Group.
Nicholas Cadbury brings a wealth of commercial and financial experience to the Group after 18 years at Dixons Retail plc where he has been Group CFO since 2008, a role that encompassed a broad remit including responsibility for IT, cost optimisation and the Group's strategic development. Prior to the CFO role, he held a number of roles across the group, including Group Retail Finance Director, Finance and Development Director and Commercial Director for PC World. He has also held key international roles with full balance sheet responsibility as Managing Director of both Dixons Tax Free and PC City Italy.
Before joining Dixons Mr Cadbury was a Chartered Accountant at PricewaterhouseCoopers.
Commenting on the appointment, Harriet Green, CEO said "We are delighted that Nicholas, who has a strong mix of strategic, financial and commercial experience, is joining Premier Farnell. His proven ability to deliver results in a fast paced, global distribution environment, like our own, combined with his established track record of driving change will be invaluable. He joins at an exciting time in our evolution as we continue to innovate and differentiate ourselves through our strategy for profitable growth, which is focused on leading the design engineering segment, internationalising our business and building an industry leading web proposition. I am confident that Nicholas will play a strong part in the continued success of Premier Farnell and, on behalf of the Board, I would also like to thank Mark Whiteling for his commitment and contribution to the Group."
The Group also announces that Gavin Manson, Group Finance Director, will act as interim CFO until Nicholas Cadbury joins in September to ensure a smooth transition.
There is no other information in respect of Mr Cadbury that is required to be disclosed pursuant to Listing Rule 9.6.13.
About Premier Farnell
Premier Farnell plc is leading the way in the high service, multi-channel provision of essential products, information, software and technology solutions to electronic design engineers, maintenance and repair engineers and purchasing professionals globally. Its differentiated proposition includes 29 local language transactional websites and the critically important element14 ecommunity for design engineers - an industry first (www.element14.com). The community recently unveiled its element14 knode, a unique automated platform that enables engineers to quickly research, design, develop and prototype in a single, intelligent environment.
With sales last year of £990.8m and underlying profits of £93.3m, Premier Farnell distributes its comprehensive portfolio of products and services throughout Europe, North America and Asia Pacific, supported by a global supply chain of over 3,500 suppliers and an inventory profile developed to anticipate and meet its customers' needs. The business takes its CSR commitments very seriously, awarded Platinum status by the Business in the Community Corporate Responsibility Index, and, more recently named as one of the 110 most ethical companies globally by Ethisphere.
While global in scope, Premier Farnell recognises the individual needs of each market and has continued to internationalise its model accordingly, trading locally under different brand names. Its primary electronics businesses currently trade as Farnell in Europe, Newark in the US, Canada and Mexico and Farnell Newark in Brazil. Across Asia Pacific, the business trades as element14.
For more information visit the website at Premier Farnell.
- End - Contact Details: Jenny Peters Andrew Lorenz Head of Corporate Comms Chairman Premier Farnell plc Financial Dynamics
[email protected] [email protected]
T: 0207 851 4102 T: 0207 269 7113
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