Oxford Instruments plc (LON:OXIG), a global provider of high technology products and services to many of the world’s leading companies and scientific research communities, has announced succession plans for the role of Chief Financial Officer (CFO) to the Company.
After nearly nine years with the Company, Gavin Hill has agreed with the Board that he will step down from the Board and his role of CFO on 31 March 2025, the end of the financial year. He will remain actively involved with the Company until June 2025 to support a smooth transition.
After a rigorous search process, Paul Fry will be appointed as CFO. He joins the Company from today (9 January 2025), initially in a non-Board role, before being appointed to the Board and taking up the role of CFO on 1 April 2025.
Paul has a strong track record in senior positions at international healthcare and technology companies, having held the roles of CFO, most recently at Argenta Group and previously at Vectura plc and Immunocore Limited. With a career spanning more than 25 years, Paul has also held a number of senior roles at Vodafone and GlaxoSmithKline. He is also currently a Non-Executive Director and Chair of the Audit Committee at AIM-listed healthcare company Avacta Group plc.
Richard Tyson, CEO, said:
“The Board would like to thank Gavin for the very significant contribution he has made to the success of Oxford Instruments over nearly nine years, and I am especially grateful for his support to me since I joined as CEO. He has been a strong steward of the Company’s finances throughout his tenure, shaping our growth and building the foundations for ongoing success. He is enormously well respected and liked by both colleagues and stakeholders, and leaves with our very best wishes for the future.
I am delighted that Paul will be joining us for the next phase of our growth. He brings a wealth of highly relevant experience in business transformation, a clear understanding of our growth drivers, and a shared commitment to our purpose and values-led approach.
I look forward to working with Paul and the wider leadership team to continue to deliver our exciting plans for the future of Oxford Instruments.”
Gavin Hill, CFO, said:
“I am really proud to have played a role in the considerable achievements made at Oxford Instruments over recent years. Since I joined in early 2016, we have tripled the share price of the Company, providing value for shareholders, great opportunities for our employees and more advanced technologies for our customers. I look forward to seeing Oxford Instruments continue its growth trajectory from the strong position that it is in now.”
Paul Fry, CFO designate, said:
“I’m thrilled to be joining Oxford Instruments, one of the UK’s most exciting and innovative technology growth stories, with a remarkable track record and a clear vision for the future.
I look forward to working with Richard and the leadership team to grow the business and improve returns over the medium term.”
The remuneration arrangements relating to Gavin Hill’s departure will be in line with Oxford Instruments plc’s shareholder-approved Remuneration Policy and will be disclosed in accordance with section 430(2B) of the Companies Act 2006 on the Company’s website and in the Directors’ Remuneration Report, when he steps down from the Board.
Paul Fry is currently Non-Executive Director and Chair of the Audit Committee at Avacta Group plc, a role he has held since February 2020; he held the role of CFO and Executive Director at Vectura plc from October 2018 to March 2022, including a period as acting CEO from 30 June 2019 to 7 November 2019. Paul’s remuneration arrangements are in line with the shareholder-approved Remuneration Policy and will be disclosed in the Directors’ Remuneration Report contained within the Annual Report for the year ended 31 March 2025. There are no further matters that require disclosure under 6.4.8R of the UK Listing Rules in relation to his appointment.
