Business
Board Change
Board Change.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \nRNS Number : 9762R API Group PLC 18 September 2014 \n \n\n \n \n\n\n\n\n\n\n\n18 September 2014\n\n\n\n\n \nAPI Group plc\n \n(\"API\" or the \"Group\")\n \nBoard Change\n \nAs notified in the Group's latest Annual Report & Accounts, the Nominations Committee of the Board has been conducting a review of the composition of the Board, with the aim of formulating a plan for succession. In concluding the review, it has been decided to embark upon a process of renewal; re-positioning the Board to steer the Group through the next stage in its development. \n \nAs the first stage in this process, Richard Wright, Non-executive Chairman, is stepping down from the Board with effect from 31 October 2014. \n \nMr Wright has served as a member of the Board since 2001 and is approaching a full term of 9 years as Chairman. During that time, he has overseen a transformation in the Group's fortunes, including the establishment of a consistent level of profitability, deleveraging of the balance sheet and the reinstatement of the dividend. \n \nAndrew Turner, Group Chief Executive, has agreed to act as Chairman on an interim basis until a permanent appointment is made.\n \nMr Turner commented on the changes as follows: \"API has benefited hugely from Richard's contribution and from the continuity of leadership which his tenure has afforded the management team. After a distinguished period of service, Richard's willingness to step aside to facilitate the overhaul of the Board is emblematic of his commitment to shareholder interests and the future success of the Group.\"\n \n \n- Ends -\n \nFor further information:\n \n\n\n\n\nAPI Group plc\n\n\n\n\n\n\n\nAndrew Turner, Group Chief Executive\n\n\nTel: +44 (0) 1625 650 334\n\n\n\n\nChris Smith, Group Finance Director\n\n\nwww.apigroup.com\n\n\n\n\n \nNumis Securities (Broker)\n\n\n\n\n\n\n\nJames Serjeant\n\n\nTel: +44 (0) 20 7260 1000\n\n\n\n\n\n\n\nwww.numis.com\n\n\n\n\n \n\n\n\n\nCairn Financial Advisers (Nominated Adviser)\n\n\n\n\n\n\n\nTony Rawlinson / Avi Robinson\n\n\nTel: +44 (0) 20 7148 7900\n\n\n\n\n\n\n\nwww.cairnfin.com\n\n\n\n\n\nMedia enquiries:\n\n\n\n\nAbchurch\n\n\n\n\n\n\n\nHenry Harrison-Topham / Quincy Allan\n\n\nTel: +44 (0) 20 739...