28th Apr 2009 09:44
Redstone plc ("Redstone" or "the Company")
Board Changes
28 April 2009 - Redstone plc, the national IT and Communications solutions provider, today announces that Mr Martin Balaam has agreed to step down by mutual consent as Chief Executive Officer as the Company transitions to the next phase in its development. Mr Balaam will leave the board with immediate effect.
Mr Alan Coppin (aged 58), who has served as Redstone's Chairman and Non-Executive Director since 28 June 2006, will with immediate effect become Executive Chairman of Redstone for the foreseeable future. Mr Coppin will be supported by a strong divisional management team who will oversee the operations of each of the Company's divisions.
Mr Coppin will, following his appointment, cease to be a member of the Remuneration and Audit Committees of the Company. David Payne will continue to act as Senior Non-Executive Director.
Mr Coppin has previously been the Chief Executive Officer of Wembley plc and an Executive Director of Compass Group plc. He is a Non-Executive Director of Berkeley Group Holdings plc and Capital and Regional plc and was formerly a Non-Executive Director of Carillion plc, Metroline plc and Expocentric plc. He also has extensive experience as a director of a number of private companies and other bodies.
Redstone will announce results for the year to 31 March 2009 in June 2009.
Commenting, Alan Coppin said:
"On behalf of the Board of Redstone and myself personally, I would like to thank Martin for his enthusiasm, energy and contribution to the development of Redstone over the years. We wish him well in his future activities."
Martin Balaam added:
"I have thoroughly enjoyed my time at Redstone during its acquisition phase and I am delighted that Alan has been appointed as Executive Chairman. He has been instrumental in the development of Redstone and his extensive experience will be of particular benefit in its next phase of development."
-ENDS-
Enquiries:
Redstone plc Tel. 0845 203 3943
Alan Coppin
ICIS Limited Tel. 020 7651 8688
Tom Moriarty
Bob Huxford
Investec Tel 020 7597 4000
Andrew Pinder
Tim Pratelli
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