Directorate Change

RNS Number : 4599S

Record PLC

10 September 2010

 



RECORD PLC

BOARD APPOINTMENTS

Record plc ("Record" or the "Company"), the specialist currency manager, announces today the appointment of James Wood-Collins as Chief Executive Officer, taking on this position from Neil Record, who has been both Chairman and CEO since the IPO in 2007.

Mr. Record will remain as Chairman, in an executive position to which he will commit four days a week.  He will continue to play an active role with clients, investment consultants and other external parties, as well as maintaining his involvement with Record's products and product development.

Paul Sheriff will assume the position of Chief Operating Officer in addition to that of Chief Financial Officer, formalising a position he has fulfilled since August 2009.

Leslie Hill will re-assume responsibility for leadership of the client team.

All these appointments are effective from 1 October 2010.

Mr. Wood-Collins joined Record from J.P. Morgan Cazenove in 2008, and has led Record's client team since December 2009.  The appointment of Mr. Wood-Collins represents the completion of the intention first envisaged at the time of the Company's IPO, and follows a process undertaken by the Nominations Committee, which was announced with the Company's final results on 15 June 2010.

Commenting on today's appointments, Neil Record said: "One of the key reasons for undertaking the IPO in 2007 was to attract and retain new senior employees, in order to allow the Company to take advantage of continued opportunities for growth.  I am delighted that we have been able to attract executives of the calibre of James and Paul, and today's appointments confirm the high regard in which the Board holds both of them.  I am fully confident in the day-to-day leadership that James and his team will bring to the firm, and I look forward to being able to maintain my energetic focus on engaging with our clients and their consultants, and representing Record."

James Wood-Collins commented: "I am honoured and excited to have the opportunity to lead Record's continued development.  We have a stimulating mix of challenges and opportunities to address, and I look forward to working closely with Neil, Paul and all my colleagues on the Board and throughout Record to make the most of the unique position we have in the currency management market."

Biographical details for Mr. Wood-Collins 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]

Neil Record

Hogarth                                                                                  Tel: [phone]

Nick Denton

John Olsen

Notes to Editors

James Wood-Collins

James Wood-Collins joined Record in August 2008 from J.P. Morgan Cazenove, where he had been a Managing Director advising financial institutions on M&A, IPOs and related corporate finance transactions, including the December 2007 IPO of Record plc.  Mr. Wood-Collins joined J.P. Morgan in 1994, and worked in both the London and New York-based corporate finance teams.  He has a BA in Chemistry from Trinity College, Oxford.

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:

-          Currency for Return, in which Record enters into currency contracts for clients with the objective of generating positive returns;

-          Dynamic 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; and

-          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.

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