AGM Statement
25/04/2001
Board changes
At the conclusion of the Company's Annual General Meeting held today, Jeffrey Herbert retired as Chairman, being succeeded by David Gawler, who combines the role with that of Chief Executive. David Gawler joined the board in December 2000 as a non-executive director and became an executive director on 15 March 2001. He has held senior executive appointments in the United Kingdom, Europe and Far East, operating in a wide range of industries from services, oil, heavy industry, engineering and construction, to property development and investment. He will be supported by Nigel Smith, who by mutual agreement relinquished his role as Chief Executive at the conclusion of the meeting, whilst remaining on the board as an executive director until the end of August 2001 to assist with the transition.
Peter Allen, a non-executive director for the last seven years, indicated a year ago his intention to stand down from the board at the 2000 AGM. He agreed to defer his departure due to the Lincoln bid and stood down from the board at the conclusion of today's meeting.
Nigel Robson, Finance Director, has notified the board of his wish to retire later this year. He will be succeeded by David Eilbeck, formerly Chief Accountant, who joins the board today as Finance Director designate.
Current trading
The outlook for Charter remains positive, with no change in business fundamentals since the Annual Report was issued in March. Conditions in global markets, other than North America, are still generally positive and the business continues its process of recovery following the Lincoln bid. Against this background and with some modest improvement expected in North American trading conditions in the second half of the year, prospects for some recovery in underlying earnings for the year as a whole remain positive, although underlying earnings in the first half will be lower than those of last year. The restructuring programme in Esab will incur exceptional costs during the year, but will provide the foundation for a significant improvement in Esab's competitive position.
At the conclusion of the meeting, David Gawler, Chairman and Chief Executive said:
'In Esab and Howden the group has two world leading businesses. As Chairman and Chief Executive I am undertaking an evaluation of the strategic and operational options available to the group to enhance shareholder value and will, together with my colleagues, seek to improve underlying earnings and cashflows of the operating businesses.'
Contact
Nigel Smith, Chief Executive; Nigel Robson, Finance Director; Neil Jamieson, Head of Investor Relations +44 (0) 207 838 7071
Andrew Fenwick, Brunswick +44 (0) 207 404 5959