Directorate Change

12 November 2020

Volex plc

("Volex" or the "Company")

Board Succession and Development

Volex plc (AIM:VLX), the global supplier of integrated manufacturing services and power products, today announces changes to its Board. 

Chief Financial Officer

Daren Morris, who initially joined the business in June 2014 as a Non-Executive Director before becoming Chief Financial Officer in September 2014, has today left the Board with immediate effect and will be leaving the business.

Jon Boaden, who joined the business in April 2019, as Deputy Chief Financial Officer, has been promoted to the role of CFO with immediate effect.

Succession planning has been high on the Board's agenda as it seeks to maintain the Company's growth and development.

Jon Boaden emerged as the leading candidate for succession to the role of Chief Financial Officer following a rigorous profiling and search process including the full evaluation of potential internal and external candidates using specialist consultants. He has played a key role in the significant growth and development of the Group's business since joining the business over 18 months ago and has quickly established himself as a well-respected leader within the organisation.

Independent Non-Executive Director

Sir Peter Westmacott has agreed to join the board as an Independent Non-Executive Director and member of the Company's Nominations Committee effective from 12 November 2020.

Sir Peter is a senior British Diplomat who retired from the Foreign and Commonwealth Office in 2016. He brings with him a wealth of experience from a diplomatic career spanning over 40 years which included 14 years as British Ambassador to Turkey, France and the United States. His substantial record, acknowledged by successive Prime Ministers, of policy and business delivery will be a key asset to Volex.

Sir Peter Westmacott's and Jon Boaden's appointments maintain the Company's approach to strong independent governance and oversight. Following the implementation of these changes, the Company's Board will consist of four non-executive directors and two executive directors.

Nat Rothschild, Executive Chairman of Volex, commented:

"I would like to take this opportunity to thank Daren for his contribution to the group over this period and wish him well for the future.

In line with the Board's long-term succession planning, I am very pleased to announce that Jon Boaden, who joined the business over 18 months ago, will be stepping up to the role of Chief Financial Officer and look forward to working with him in this capacity. Furthermore, I am delighted that we are able to appoint somebody of the calibre of Sir Peter Westmacott as an Independent Non-Executive Director and have no doubt that he will be an invaluable addition to the Board.

Both Jon and Sir Peter's appointments demonstrate the continued evolution of Volex as we look to build on the strong momentum we have generated in recent years."

Additional Disclosures Required under the AIM Rules for Companies

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.

Jonathan William Boaden, aged 41 years, does not hold any current directorships. Additionally, he has not held any other directorships or partnerships in the last five years. Sir Peter John Westmacott, aged 69 years, holds or has held the following directorships and partnerships in the last five years:

Sir Peter is a member of the Ernst and Young UK Independent Non-Executive Oversight Committee.

Save as set out above there are no further disclosures pursuant to Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies in respect of their appointments.

-ENDS-

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