Diploma (LON:DPLM), the international group supplying specialised products and services, today announced that Nigel Lingwood has informed the Board that he plans to retire as Group Finance Director and that he has given notice in accordance with the terms of his Service Contract. Nigel will remain with the Group for a period of 12 months which will ensure that there is sufficient time to allow a thorough search process to take place and a smooth transition of responsibilities.
Nigel joined the Group in 2001 as Group Finance Director and Company Secretary. Since emerging from a restructuring in the early 2000s, the Group has followed a consistent strategy of building larger, broader based businesses in its chosen Sectors by combining GDP-plus organic growth with carefully selected value-enhancing acquisitions. Over the last 18 years, the Group has delivered strong double-digit growth in earnings, dividends and share price and has grown market capitalisation from ca. £60m to ca. £1.9bn.
Nigel has been a key member of the Board throughout this period and has played a significant role in pursuing this strategy. More recently Nigel has provided essential continuity and support during the period of CEO succession to Johnny Thomson.
Johnny Thomson, Chief Executive Officer of Diploma PLC, commented:
“Nigel has been instrumental in creating Diploma as it is today – a successful business model, with strong organic growth augmented by excellent acquisitions, delivering impressive shareholder value. He has been a fantastic support to me as I have got to know the Group. I know we are also aligned on the next phase of growth for the Group and that he will continue to support me as we start to deliver on that in the next year. I, along with all colleagues, am extremely grateful for his impeccable service to Diploma, and we will enjoy working with him for the next year before wishing him well for his retirement.”
John Nicholas, Chairman of Diploma PLC, commented:
“Nigel has been an outstanding member of the leadership team of Diploma and has embedded a culture of strong controls and attention to detail. This has underpinned the success of the Group over many years. Throughout my years as Chairman, I have greatly valued his counsel and broad contributions to the Board.”
Nigel Lingwood said:
“I have enjoyed many happy and successful years with Diploma. With Johnny now firmly established and leading the Company forward on its next journey with a clearly defined and sustainable strategy, I feel the time is now right for me to retire as Group Finance Director. I wish the Company and all my colleagues continued success for the future as Diploma continues to develop into a larger and broader based business.”