TT Electronics PLC on Friday said it appointed Peter France as chief executive officer, replacing Richard Tyson, who had agreed to become Oxford Instruments PLC’s CEO in April.
Surrey, England-based electronics provider TT Electronics said France has been CEO of industrial services provider to global energy markets ASCO Group since 2018 and will join TT Electronics on October 2.
Back in April, it was announced Tyson would take over as CEO at Abingdon, England-based manufacturing and research firm Oxford Instruments, when the latter’s CEO Ian Barkshire signalled his intention to retire.
On Friday, Oxford Instruments also confirmed Tyson would join the company on October 1.
TT Electronics said France has had a ‘distinguished track record in the industrial engineering and manufacturing sector,’ noting a 28-year career at industrial valve manufacturer Rotork PLC, including nine year as CEO.
France is also a non-executive director at thermal energy management and pumping company Spirax-Sarco Engineering PLC, TT Electronics added.
‘I am delighted to welcome Peter as our new CEO to lead the group through the next phase of our evolution and accelerate our ambitious global growth strategy, building upon the strong platform and trading momentum created by Richard and the team in recent years,’ said TT Electronics Chair Warren Tucker.
‘The board is looking forward to working closely with Peter, whose experience of delivering sustainable growth and margin expansion across international engineering businesses means he is ideally placed to bring further success to TT Electronics.’
France added of his own appointment at TT Electronics: ‘With an experienced board and management team, clear values and culture, and attractive positions in structurally growing markets, I am confident we will together deliver sustainable organic and, in due course, inorganic growth to drive value creation for all our stakeholders.’
TT Electronics will announce its interim results for the six months ended June 30 on Thursday next week.
Shares in Oxford Instruments were down 1.7% to 2,442.05 pence each in London on Friday morning, while TT Electronics shares were up 0.8% to 159.79p each.
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