LONDON: Volution Group plc, a leading supplier of ventilation products to the residential and commercial construction markets, announced that Peter Hill will retire as Non-executive Chairman of the Board and as a Non-executive Director on 31 March 2020. Paul Hollingworth, Non-executive Director and Chairman of the Audit Committee, has been appointed to succeed Peter Hill as Chairman from that date.
The Board has commenced a search process for a Non-executive Director who will succeed Paul Hollingworth as Chairman of the Audit Committee.
Peter Hill oversaw Volution’s successful IPO in June 2014 and became Non-executive Chairman at listing. He will retire at the end of March 2020, having completed almost six years as Chairman, to focus on his Non-executive Chairmanships of Keller Group plc and Petra Diamonds Limited.
Peter Hill said: “It has been a privilege to serve as Chairman of the Volution Board and I am very proud of the development of the Group since IPO, which has been transformed into the geographically diverse and very successful business it is today, with adjusted earnings per share growth of 13% per annum compound in the first five years after listing. I look forward to seeing Volution go from strength to strength under Paul as Chairman.”
Paul Hollingworth has served on the Volution Board since IPO in June 2014 and is currently the Chairman of the Audit Committee and a member of the Remuneration and Nomination Committees. He has significant business experience having previously headed the finance function and served on the boards of a number of UK listed public companies, including Ransomes plc, De La Rue plc, BPB plc, Mondi Group plc and Thomas Cook Group plc. He retired from the Electrocomponents plc Board in July 2017 having served as a non-executive director and chairman of the audit committee for nine years.
Paul Hollingworth said: “On behalf of the Board, I would like to thank Peter for his strong leadership and the contribution he has made as Chairman. I am very proud to have been asked to succeed Peter and I look forward to working with the Board to support Volution’s continued development.”
Paul Hollingworth will step down as Chairman of the Audit Committee when he is appointed Chairman of the Board on 31 March 2020 and will also be appointed as Chairman of the Nomination Committee on that date. He will remain as a member of the Remuneration Committee.