03-03-2004

I regret to inform you that, for health reasons, Ian Trotter will be retiring from the role of Group Chief Executive on 6th April, 2004.  He will be replaced by Bob Davies, who joins the Company on the 8th March, 2004.

During Ian’s 13 years with the Company; firstly as Divisional Managing Director of the Chain Business and more recently as Group Chief Executive, he has made an immense contribution to the Company, often in difficult market circumstances, and we owe him a great debt of gratitude for his leadership and efforts.

Bob Davies will initially join the Company as a Director and will take over from Ian on his retirement.  Bob has a background in electrical engineering and has held senior management roles in Lucas and GE, both in the UK and overseas.  He was also Chief Executive Officer of Druck Holdings PLC, a listed company on the London Stock Exchange, prior to its sale to GE.  During the month of March, Bob will be taking the opportunity to visit a number of operations to get acquainted with our business.

We are sorry to be losing Ian, but pleased to have attracted someone of Bob’s calibre and experience to carry on the work started by Ian in repositioning the business to more effectively meet today’s business challenges.

I am sure that you will all want to join me in wishing Ian a happy retirement; to welcome Bob to the Company and to wish him every success in his new role.

I would ask all of you for your continuing support during this period of change.

Roger Leverton
Chairman