The board of Rotork plc announces the resignation of Peter France as chief executive. The current chairman, Martin Lamb, will assume the role of full time executive chairman with immediate effect, until a successor can be appointed. A search firm to lead this process will be selected shortly.
This announcement follows a period of reflection by the board, together with France, on the steps required to foster a return to higher growth and margin levels in what is likely to be a generally lower growth macro environment. Such steps include accelerating investment in key areas such as product innovation and customer service whilst, at the same time, driving greater efficiencies throughout the business. The board and France have mutually agreed that the time is right for a new chief executive to lead these initiatives.