LONDON – Malcolm Miller, the CEO of marine electronics manufacturer Raymarine plc, has left the company’s Board of Directors with immediate effect and will be departing from the business, according to a recent statement from the company.
Peter Ward has been appointed as executive chairman on an interim basis while the board searches for a new chief executive. Ward has been chairman of Raymarine since September 2005 and has over 35 years industrial experience managing companies which design, manufacture and market products, Raymarine reported.
"I would like to take this opportunity to extend the Board's sincere thanks to Malcolm,” Ward stated. “Malcolm joined Raymarine in January 2003 and has guided the successful development of the company since its flotation in December 2004. Pending the appointment of a new chief executive, I am looking forward to working closely with the executive team in the next phase of the company's development."
The company's performance continues to be in line with the Board's expectations, according to Raymarine. As of June 30, Raymarine reported a like for like sales reduction compared to the prior year of 8.5 percent. Cumulatively, for the nine months ended Sept. 30, the like for like sales reduction remains the same at 8.5 percent, the company stated.
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