RNS Number : 8563G
Spice PLC
09 February 2010
9 February 2010
SPICE plc
Directorate Change
Spice plc ("Spice" or "the Group"), the provider of total utility support services, announces that Simon Rigby has informed the Board that he wishes to stand down as Chief Executive and Director of Spice. As a highly entrepreneurial character, he has led the business from a single contract with Yorkshire Electricity in 1996 to a fast growing AIM company leading to a full listing in 2008. He has informed the Board that he feels the Group has achieved a size and position where it is appropriate for a new style of Chief Executive to take over the leadership. As a consequence, Simon has made a personal decision that he now wishes to pursue his other business interests.
The Board is pleased to announce that Martin Towers has been appointed Interim Chief Executive of Spice with immediate effect. Martin has considerable experience of the utility sector having served as Group Finance Director of Kelda Group plc for five years to 2008. He has already gained considerable understanding of the Spice business having served as a Non-Executive Director of Spice since June 2009. The process for securing a permanent replacement for Simon will commence shortly.
Spice will be making its third quarter IMS on Thursday 18th March 2010.
Peter Cawdron, Chairman of Spice, commented:
"Simon deserves enormous credit for developing the Spice business since the original buyout in 1996 into a group with revenue of £386m last year. The Board understands Simon's reasons for leaving and it looks forward to his support in a shareholder capacity as the Group moves forward".
Simon Rigby commented:
"Spice has reached critical mass in its core markets and the future is more about growing these businesses organically. As a major and supportive shareholder, I feel there are people that are more able to take Spice to the next level and I wish it every success in the future".
For further information, please contact:
Spice plc
Peter Cawdron - Chairman c/o Billy Clegg 0207 269 7157
Martin Towers - Interim Chief Executive 01132 012126
Financial Dynamics
Billy Clegg 0207 269 7157
This information is provided by RNS
The company news service from the London Stock Exchange
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