XP POWER LTD - Board Changes

XP POWER LTD - Board Changes

PR Newswire

London, February 28

1 March 2022

XP Power Limited

("XP Power", "the Group" or "the Company")

Board Changes

XP Power announces that James Peters, Chair of the Board, has informed the Group of his intention to retire from the Board at the conclusion of the Company's AGM in April 2023, at which point he will have completed 35 years of service with the Group and its predecessor companies.

James will be succeeded as Chair at that time by Jamie Pike who is being appointed to the Board as a Non-Executive Director, and designate chair, with immediate effect.

Jamie brings a wealth of relevant experience to the Board having held the role of a chief executive and chair at a number of mid and large cap public companies. Following an early career in strategy and management consulting at Bain & Company, he joined Burmah Castrol in 1991, becoming Chief Executive of Burmah Castrol Chemicals, before leading the buy-out of Foseco in 2001 and its subsequent IPO in 2005. Jamie has been Chair of the Board of Spirax-Sarco Engineering plc since 2018, having joined the Board in 2014. He has previously held the role of Chair at Cobham, RPC Group, Ibstock and Tyman. Jamie is a Member of the Institute of Mechanical Engineers.

James Peters, Chair said:

"After more than three decades with the Group, I believe the time is now right to begin the process of handing over the role of Chair to a successor who will steer the Board through XP Power's next phase of growth. Jamie is a highly experienced Board Chair, having had operational and board level experience across the industrial products and services, energy and manufacturing sectors, and I am confident he will make a significant contribution to the Board and to the Group's future success."

Jamie Pike said:

"XP Power is a high quality business with a bright future ahead of it and I'm delighted to be joining the Board at this exciting time in its development."

There are no other disclosures to be made pursuant to Listing Rule 9.6.13.

Enquiries:

XP Power

Gavin Griggs, Chief Executive Officer [phone]

Oskar Zahn, Chief Financial Officer [phone]

Citigate Dewe Rogerson

Kevin Smith/Jos Bieneman [phone]

Note to editors

XP Power designs and manufactures power convertors, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function.

XP Power has invested in research and development and its own manufacturing facilities in China, Vietnam and North America, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE 250 Index. XP Power serves a global blue-chip customer base from 29 locations in Europe, North America, and Asia.

For further information, please visit xppower.com