28 October 2008
ANNOUNCEMENT OF SUCCESSION PLANS &
APPOINTMENT OF DEPUTY CHIEF EXECUTIVE
Northgate plc ('Northgate', the 'Company' or the 'Group'), the UK and Spain's leading specialist in light commercial vehicle hire, announces management succession arrangements and a new Board appointment.
The Board is pleased to announce that Mr. Paul Tallentire has agreed to join the Company as Deputy Chief Executive with effect from 31 October 2008. It is planned that he will take over from Steve Smith as Chief Executive on 1 August 2009 after the publication of the Group's 2008/09 financial results.
Paul, 46, has a first class honours degree in Chemistry from Bristol University. In 2000 he joined Premier Farnell where he became President of the two major operating divisions. Firstly, in North America, he managed Newark Electronics which during his Presidency experienced a significant improvement in profitability and most recently he led the Farnell Electronics business. Prior to joining Premier Farnell Paul worked for ICI for over 17 years gaining cross functional and international experience. His last major role with ICI was as General Manager of ICI Autocolor UK.
Paul has a strong track record of improving the financial and operating performance of multinational businesses. His broad-based experience and knowledge of European markets will be a very valuable asset to the Company as he concentrates on further enhancing the performance of Northgate's core businesses in the UK and Spain and, in due course, delivering a wider strategy of value creation.
Steve Smith, who joined Northgate 21 years ago and became Chief Executive in October 1999, has indicated to the Board that, at an appropriate time, he would wish to retire from full time executive duties and develop a portfolio of non- executive roles. The Board is pleased to confirm that he has agreed to remain as Chief Executive until August 2009 and also that Northgate will retain the benefit of his experience in the role of Deputy Chairman for a further 12 months until the end of July 2010.
Philip Rogerson, Chairman of Northgate, said:
"We are delighted to welcome Paul to Northgate and look forward to his major contribution to the future success of the Group. We are also particularly pleased that Steve has agreed to fulfil the role of Deputy Chairman when he steps down as Chief Executive, so ensuring that his invaluable knowledge and experience continue to be available to his successor for a period thereby achieving an orderly process of top management succession."
There is no additional information which requires disclosure under rule 9.6.13 of the Listing Rules.
Northgate will announce its interim results on 9 December, 2008.
For further information, please contact:
Philip Rogerson, Chairman
Steve Smith, Chief Executive
Hogarth Partnership Limited
020 7357 9477