SDI Group plc
("SDI", the "Company" or the "Group")
Directorate Change - Appointment of New CEO
SDI Group plc, the AIM quoted Group focused on the design and manufacture of scientific and technology products for use in digital imaging and sensing and control applications, announces that Mike Creedon has stepped down as CEO. Mike joined the Group in 2010 as CFO, was promoted to MD, became CEO in 2012, and has been a key part of SDI's journey over the past decade.
Stephen Brown, previously SDI's COO, succeeds Mike as CEO. Stephen joined the Group, and the Board, as COO in September 2023. Stephen has held a number of senior positions with prestigious global product and technology focused businesses. Recent roles include Stephen's position as Group COO (non board) at AIM quoted AB Dynamics plc and CEO & Operating Partner at BP Launchpad, part of BP plc.
Mike has stepped down as CEO, and as a director and employee of the Company effective 19 January 2024, with Stephen being appointed as CEO at the same time.
Ken Ford, Chairman said: "We would like to thank Mike for his leadership of SDI over the past decade. The Group has grown significantly with a number of excellent acquisitions, adding great people, products and technologies. We wish Mike well in his future endeavors.
I am delighted that Stephen is succeeding Mike as CEO. Stephen has already made an excellent start within the Group, identifying a number of areas where we can continue to develop the strength of the Group. We continue to look forward to the future with great confidence."
Stephen Brown, CEO said: "SDI has built a strong business, with excellent opportunities for the future. For over ten years SDI has grown value by focusing on a clear and straightforward strategy, and this will not change. We acquire private companies at a significant discount to those on the quoted markets. These subsidiaries are then encouraged to grow for the benefit of all stakeholders. I am pleased to report that we continue to have a number of new acquisition opportunities under review. I look forward to a busy and prosperous 2024 and beyond."
Mike Creedon, former CEO said: "Over more than a decade I have had the pleasure of working with the excellent people in the Group, and as we have grown together, we have been joined by other great businesses staffed by like minded, hard working, and highly skilled teams. After more than a decade with SDI, I am pleased to be handing over to Stephen who brings skills and experience that will support the Group as it continues to grow through its buy and build strategy."
Enquiries
SDI Group plc 01223 727144
Ken Ford, Chairman
Stephen Brown, CEO
Ami Sharma, CFO
Cavendish Capital Markets Limited 020 7220 0500
Ed Frisby/Seamus Fricker- Corporate Finance
Andrew Burdis/Sunila de Silva - Corporate Broking
SDI designs and manufactures scientific and technology products for use in digital imaging and sensing and control applications including life sciences, healthcare, astronomy, plastics and packaging, manufacturing, precision optics, measurement instrumentation and art conservation. SDI operates through its subsidiaries: Atik Cameras, Synoptics, Graticules Optics, Sentek, Astles Control Systems, Applied Thermal Control, MPB Industries, Chell Instruments, Monmouth Scientific, Uniform Engineering, Scientific Vacuum Systems, Safelab Systems, LTE Scientific, Fraser Anti-Static Techniques and Peak Sensors.
Corporate expansion is via organic growth within its subsidiary companies and through the acquisition of complementary, niche technology businesses with established reputations in global markets.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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