Volex reshuffles board

Nathaniel Rothschild has been appointed as Volex executive chairman, the power and data cabling solutions provider said on Friday.

The position of executive chairman was created after the board of non-executive directors deemed the role of chairman and chief executive should be combined into a new position. Volex currently operates using a divisional CEO structure but it added its board did not believe appointing a group CEO was necessary.

Meanwhile, Geraint Anderson will step down as director after ceasing to operate as interim CEO and Karen Slatford, who has been a non-executive director for nine years, will also step down from the board.

Volex added it intends to appoint a senior independent director, with Bob Beveridge set to take on the role on an interim basis as the search process gets underway.

Volex shares were up 2.04% to 56.25p at 0840 GMT on Friday.