12 October 2020
The Board of XP Power announces that, after over seventeen years as Chief Executive Officer, Duncan Penny has informed the Board of his intention to retire as CEO, from the XP Power Board and Executive life. Duncan will step down as CEO on 31 December 2020 and leave the Board and the Group at the AGM in April 2021.
The Board are delighted to announce that, after a thorough executive search company led process, Gavin Griggs, currently Chief Financial Officer, will succeed Duncan as Chief Executive Officer on 1 January 2021.
Gavin has been the Chief Financial Officer at XP Power since joining the Group in November 2017 and has worked very closely with Duncan since that time. He is a proven executive with experience of a broad range of sectors, gained in senior international finance and strategy roles with Alternative Networks, Logica, SABMiller, Sodexo and PepsiCo.
The Group has today commenced the search for Gavin’s successor as Chief Financial Officer and an appointment will be announced in due course.
James Peters, Chairman, said:
"On behalf of the entire XP Power team, I want to thank Duncan for his significant and enduring contribution to our Group and wish him well for the future. Duncan joined XP Power as Chief Financial Officer in 2000, becoming CEO in 2003, and has led our business with distinction.
He will leave having established a high-quality team, with a broad range of skills, experiences and perspectives which is well placed to take XP Power forward under Gavin's leadership.
The Board is confident that Gavin is the right person to take XP Power forward. He is a proven business leader with significant experience and expertise across a variety of growth-oriented business sectors and has worked very closely with Duncan since joining the Group. We look forward to working with Gavin in his new role."
Duncan Penny, Chief Executive Officer, said:
"It has been a privilege to lead XP Power over the last seventeen years, but I am confident that now is the right time for me to pass over the reins. I am immensely proud of what we have achieved in my time as CEO. I would like to place on record my thanks to the Board of XP Power and all of my colleagues, old and new, for their support, and wish them every success in the future."
Gavin Griggs, Chief Financial Officer, said:
"It has been a great pleasure to work with Duncan, I have learned a great deal from him, and it is an honour to succeed him as CEO. I have confidence in our business model and strategy and am excited about the future prospects for the business."
Duncan Penny, Chief Executive Officer +44 (0)118 976 5515
Gavin Griggs, Chief Financial Officer +44 (0)118 976 5515
Citigate Dewe Rogerson
Kevin Smith/Jos Bieneman +44 (0)207 638 9571
Note to editors
XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function.
XP Power typically designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Industrial Electronics (c.33% of revenue), Healthcare (c.29% of revenue), Semiconductor Equipment Manufacturing (c.28% of revenue) and Technology (c.10% of revenue) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer’s product which is typically 5 to 7 years depending on the industry sector.
XP Power has invested in research and development and its own manufacturing facilities in China and Vietnam, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE 250 Index. XP Power serves a global blue-chip customer base from 29 locations in Europe, North America and Asia.
For further information, please visit xppower.com