Renold PLC PDMR/Directorate Change (7061V)

TIDMRNO

RNS Number : 7061V

Renold PLC

11 August 2020

Renold plc

("Renold" or the "Group")

PDMR/Directorate Change

11 August 2020

Renold, a leading international supplier of industrial chains and related power transmission products, today announces the following Board changes which will take effect following the Company's 2021 Annual General Meeting, which is scheduled to take place on 14 July 2021.

As a part of the Board's long term succession plan, Mark Harper will step down from his current roles as Chairman of the Company and Chairman of the Nominations Committee, and will retire from the Board of Renold following the Company's 2021 Annual General Meeting ("AGM"). Mark joined Renold as a Non-Executive Director in May 2012 and became Chairman of the Company in July 2012. He will attain 9 years of service to Renold in 2021.

David Landless, Chairman of the Audit Committee since 2017 and Senior Independent Director ("SID") since 2019, will, following the AGM, be appointed to the role of Chairman of the Company and Chairman of the Nominations Committee.

Tim Cooper, who joined the Board as a Non-Executive Director in 2018 and has been Chairman of the Remuneration Committee since November 2019, will, following the AGM, be appointed as the SID as well as continuing in his role as Chairman of the Remuneration Committee.

A recruitment process will now commence to source a candidate to succeed David Landless as Chairman of the Audit Committee.

Robert Purcell, Chief Executive of Renold plc, said:

"On behalf of the Board, I would like to thank Mark for his leadership, insight and contribution to the Board and Committees on which he has served over the last eight years. During that time, Renold has been through a period of significant change, and Mark's leadership and guidance have been invaluable in shaping the strategic direction of the Group. Mark's support for the rebuilding of Renold through sustainable investment and long term planning has been instrumental to creating the more robust business we have today.

"I am delighted that David and Tim will be assuming the roles of Chairman of the Company and Senior Independent Director respectively. I have no doubt that their extensive experience, gained in a variety of industries and over a number of years, will add considerable perspective and valued stewardship as Renold continues its evolution ."

ENQUIRIES:

 
 Renold plc              Peel Hunt LLP   Instinctif Partners 
 Robert Purcell, Chief   Mike Bell       Mark Garraway 
  Executive 
                         Ed Allsopp      Rosie Driscoll 
 
 0161 498 4500           020 7418 8900   020 7457 2020

NOTES FOR EDITORS

Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, metals and mining.

Further information about Renold can be found on their website at: www.renold.com

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END

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