On the same day “lightED” reported Dialight’s half year results, the company made the following announcement:
Dialight plc (LSE: DIA.L), the global leader in LED lighting for heavy industrial applications, today announces a change in Chairman.
Wayne Edmunds has indicated to the Board that now is an appropriate time for him to step down as Chairman of the Board. The Board has accepted his decision and wishes to place on record its thanks for his contribution to Dialight.
The Board has asked David Blood, non-executive director, to take on the position of Chairman of the Board and he has accepted with immediate effect. The Board believes that David is well placed to do so given his knowledge of Dialight, its operations and people. David is co-founder and Senior Partner of Generation Investment Management, a 20.1% shareholder in Dialight, and is therefore not considered “independent” under the UK Corporate Governance Code. However, the Board continues to consider David independent in character and judgment.
David Blood commented: “The Board’s focus remains on supporting management to further improve the Group’s operational performance, ensure successful new product launches and rebuild customer relationships. Dialight has significant potential that should be realised for the benefit of customers, employees, shareholders and other stakeholders.”
Wayne Edmunds commented: “The Company has experienced a challenging few years. However, it is now well positioned for the future, and I feel it is an appropriate time to step down from the Board. I wish Dialight well and look forward to it achieving its potential.”