Board Appointment

RNS Number : 8168T

Record PLC

18 December 2012

 



18 DECEMBER 2012

RECORD PLC

BOARD APPOINTMENT

Record plc ("Record" or the "Company"), the specialist currency manager, announces today the appointment of Steve Cullen as Chief Financial Officer, effective 1^st April 2013, further to the management reorganisation announced by Record on 16^th November 2012.  Mr. Cullen joined Record in October 2003, and has served as its Financial Controller since then.

Commenting on today's announcement, James Wood-Collins, Chief Executive Officer, said: "Steve's appointment serves to maintain continuity in the management of our finance functions.  I am delighted to welcome Steve to the Board of Record plc, and my fellow directors and I are looking forward to his participation."

Biographical details for Mr. Cullen are set out below.  There are no other disclosures required under Listing Rule 9.6.13.

For further information, please contact:

Record plc                                                                                   Tel: [phone]

James Wood-Collins

MHP                                                                                              Tel: [phone]

Nick Denton

John Olsen

Vicky Watkins

Notes to Editors

Steve Cullen

Steve Cullen joined Record in October 2003 as Financial Controller, and was promoted to Associate Director of Finance in January 2005.  Prior to joining Record, he qualified as a Chartered Accountant in 1994 and gained 15 years of audit experience within practice.  Steve has led the Finance team, reporting directly to the Chief Financial Officer, for over 9 years and was part of the internal management team at Record involved in the preparation for admission to trading on the London Stock Exchange in December 2007.

Record plc

Record is a specialist currency manager and provider of currency hedging services for institutional clients.  Founded in 1983, Record has established a market leading position as a currency manager.  Specifically, the Group has a leading position in managing Dynamic Hedging and Currency for Return for institutional clients.

The Group has three principal product lines:

-    Dynamic Hedging, formerly known as Active Hedging, where Record seeks to eliminate the impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies when these movements are expected to result in an economic loss to the client, but not to do so when they are expected to result in an economic gain;

-    Passive Hedging, where Record seeks to eliminate fully or partially the economic impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies; and

-    Currency for Return, formerly known as Absolute Return, in which Record enters into currency contracts for clients with the objective of generating positive returns.

Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3rd December 2007.

This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives.  All statements in this document, other than statements of historical fact, including words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "will", "continue", "project" and similar expressions, are forward-looking statements.

These forward-looking statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of the Company to differ materially from those expressed in or implied by such forward-looking statements.

The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement.

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise.

 

END

 

 

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