RS Group plc (LON:RS1) has announced that David Egan has today resigned from his role as Chief Financial Officer (CFO) and as a Director and will leave the business with immediate effect. Jane Titchener will take over as Interim CFO until a permanent replacement CFO is appointed. David will remain available to the Company for an appropriate transition period.
David Egan said: “I have thoroughly enjoyed my seven years at RS and I am proud of what we have achieved. Very recently I notified the Board of a personal relationship with a colleague. Following a detailed review by the Board, I recognise that there have been some shortcomings of judgment on my part and my actions have fallen short of the high standards expected of RS leadership. Therefore, it is right for me to step down from my role. I would like to thank all the people at RS for their support and commitment during my tenure. The business is in a position of strength, I am confident in the Group’s prospects and I wish Simon and the rest of the RS team continued success in the future.”
Rona Fairhead, Chair, said: “Following a thorough review, the Board has accepted David’s resignation and in stepping down he recognises the importance of leaders setting and abiding by exemplary standards. I would like to acknowledge the significant contribution David has made in his seven years at RS, driving transformation both as CFO and on two occasions as Acting CEO. On behalf of the Board, I thank him for his years of service and wish him the very best for the future.”
There is no change to our profit expectations from that reported in the recent trading update published on 5 April and RS Group will announce its Full Year Results for the year ended 31 March 2023 on 23 May.
Notes:
1. Jane Titchener has been with RS Group for over 15 years and is currently VP Corporate Development. Jane is a qualified chartered accountant and an experienced finance and tax professional, having previously held the roles of CFO, Asia Pacific, and VP Group Tax and Treasury. Prior to RS Jane was a Senior Tax Manager at Ernst & Young.
2. Details of David Egan’s remuneration arrangements on stepping down from the Board, which are consistent with the Group’s remuneration policy, will shortly be, as required by section 430(2B) of the Companies Act 2006, available on the Group’s website www.rsgroup.com.
2. This announcement contains inside information for the purposes of article 7 of EU regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018. The person responsible for the release of this announcement is Clare Underwood, Company Secretary.
