RESIGNATION OF GROUP FINANCE DIRECTOR RICHARD ADAM
Associated British Ports Holdings PLC (“ABPH”) today announces that Richard Adam, Group Finance Director of the Group has decided to move on from his position with ABPH to pursue other interests with effect from 1 March 2007, having overseen the transition to ownership by Admiral. The process to identify a new Finance Director will now commence.
Since joining in November 1999, Richard has steered the group’s proactive communications with investors and stakeholders winning a number of awards for the Group’s financial reporting, strengthened its financial management and overseen the successful disposal of non-core assets, together with a substantial share repurchase programme. Since 2000, the Group has achieved 36 per cent growth in underlying profit in its UK ports business, strengthening its position as the UK’s leading ports operator handling almost a quarter of all seaborne trade and maintained a surplus on its pension scheme. Under Richard’s stewardship the market capitalisation of the Group more than tripled culminating in the sale of the business to Admiral.
Prior to joining ABPH, Richard was Group Finance Director of the book publishing business, Hodder Headline PLC. He joined Hodder Headline PLC in 1996 and spent three years building up the company’s financial controls during a period in which pre-tax profits grew by 64 per cent. He is non-executive director and the chairman of the Audit Committee of global healthcare organisation SSL International plc.
Bo Lerenius, Group Chief Executive of ABPH, said:
“Richard has been at the heart of the success of ABPH and is leaving the company in an extremely strong position. He has been an outstanding Finance Director and has provided me with excellent support over the past seven years. I am also delighted that Richard will be staying with ABPH almost up to the date of my retirement at the end of March.”
Richard Adam, Group Finance Director of ABPH, said:
“I have really enjoyed my seven years at ABPH. Now the transition to Admiral’s ownership is complete I feel it is time for me to move on and I can do so feeling confident that I leave a strong team in place to continue the development of ABPH.”
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