ATC Group has reviewed and restructured its Board in a move that sees Richard Carter, Managing Director of the recently disposed Rocom division, step down with immediate effect. John Standen (recently appointed as a Non-Executive Director and prospective Chairman) is confirmed as ATC's new Chairman. Michael Norris has been appointed as a Non-Executive Director.
This follows on from Gerry Spencer, the Group's former Chairman, recently announcing his intention to step down from the Board. In a statement ATC said that while it was intended that Spencer would step down at the AGM, the Board felt that the change would be more effective if brought forward.
Norris, who qualified as a Chartered Accountant with Price Waterhouse, has significant senior management, banking and venture capitalist experience and has worked with both quoted and unquoted companies.
The executive directors have opted to waive their bonus entitlement for 2008 and the Remuneration Committee will be reassessing executive remuneration for 2009, by benchmarking the group against comparable public companies.
Standen said: "Following the sale of Rocom and the resulting repositioning of the business and Gerry's wish to retire from his position, we have taken the opportunity to review and restructure the board and ensure it has the appropriate balance and representation for the business going forward. The Board would like to take this opportunity to thank Gerry and Richard for their contributions and welcome Michael."
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