RS Group plc (LSE: RS1), a global omni-channel provider of product and service solutions, today announced that Lindsley Ruth has agreed with the Board that due to personal reasons he will step down as Chief Executive Officer (CEO) with immediate effect. Lindsley will be available to the Board, if required over the next twelve months, equal to the length of his notice period. David Egan, Chief Financial Officer, will continue to lead the Group as Acting CEO supported by a strong management team until a process to find a permanent CEO has concluded.
Rona Fairhead, Chair, said: “Lindsley has led the turnaround of an underperforming business and, working with the wider team, has created a strong vision and purpose for our company. RS Group is now a confident organisation full of talented people, aligned behind a clear strategy focused on delivering profitable growth and market share gains. On behalf of the Board and everyone at RS Group I would like to thank Lindsley for his many achievements and wish him happiness, health and every future success.
The success of RS Group has been a function of a clear strategy and the hard work of our high performing leaders and people throughout the business, united behind our purpose-led culture which resonates with customers and suppliers alike. We are delivering ongoing outperformance, as illustrated in our recent interim results, and see significant opportunities to continue to take market share and drive high quality profitable growth. The Board has every confidence in our people maintaining and building on our momentum and we thank David Egan and everyone in our fantastic team for their ongoing focus and commitment to deliver our strategy.”
Lindsley Ruth said: “I am proud to have led RS Group for over seven years. We have come a long way, and while the time is right for me to step away, I could not be prouder to see the great people in this business outperform and pursue the opportunities ahead. I would like to thank all my colleagues at RS Group for their dedication, support, and enthusiasm in driving RS Group forwards, building on the success we have achieved together.”
RS Group plc is a leading global omni-channel industrial product and service solutions provider to customers who are involved in designing, building and maintaining industrial equipment and operations, safely and sustainably. We stock more than 700,000 industrial and electronic products, sourced from over 2,500 leading suppliers, and provide a wide range of product and service solutions to over 1.2 million customers. With operations in 32 countries, we trade through multiple channels and ship over 60,000 parcels a day.
We support customers across the product life cycle, whether via innovation and technical support at the design phase, improving time to market and productivity at the build phase, or reducing purchasing costs and optimising inventory in the maintenance phase. We offer our customers tailored product and service propositions that are essential for the successful operation of their businesses and help them save time and money.
RS Group plc is listed on the London Stock Exchange with stock ticker RS1 and in the year ended 31 March 2022 reported revenue of 2,554 million.
For more information, please visit https://www.rsgroup.com/.
Photo – https://mma.prnewswire.com/media/1970942/Lindsley_Ruth.jpg
Photo Caption – Lindsley Ruth