Appointment of two non-executive Directors
8 January 2007
The Board of Electra Private Equity PLC (“Electra”) is pleased to announce the appointment of Colette Bowe and Lucinda Webber as non-executive Directors of Electra. These appointments will take effect from 1 March 2007.
In his Chairman’s Statement issued on 5 December 2006 Sir Brian Williamson stated that it was now appropriate to refresh the membership of the Board following the review of the investment strategy and management arrangements.
Commenting on these appointments Sir Brian said:-
“These are the first two of three non-executive appointments which the Board intends to make. The Board anticipates that a further non-executive Director will be appointed before the release of the Interim Results in June 2007. There will then be a short period of transition after which some existing Directors will retire from the Board.”
Brief details about Colette Bowe and Lucinda Webber are set out below.
Colette Bowe has divided her career between the City and Whitehall. An economist by profession, she spent the early part of her career in the Department of Trade and Industry before moving into City regulation – first at the Securities and Investments Board ( forerunner of the FSA) and then as the first CEO of the Personal Investment Authority (“PIA”). After the PIA, she went on to become Executive Chairman of what were then the Fleming Asset Management businesses in Europe - Save and Prosper in the UK and Fleming Funds Management in Luxembourg. In 2001, she began her career as a non-executive, where, again, she divides her portfolio between the private and public sectors. She is currently a director of Morgan Stanley Bank International and of Axa Framlington. In the public sector, she is the Chairman of the Ofcom Consumer Panel and a member of the Statistics Commission. She is also the Chairman of the Council of Queen Mary, University of London.
Lucinda Webber has over twenty years experience in the private equity industry having joined Barclays Private Equity (‘BPE’) from Barclays Merchant Bank in 1984. She became a Director of BPE and also of Barclays Capital Dévéloppement S.A. (‘BCD’) in 1990. She has sat on a number of Investment and Valuation Committees for private equity within Barclays. In 1997 she moved to working part-time as a Director for BPE and BCD and since 1999 she has worked as a consultant in private equity, remaining on the Barclays Ventures Investment and Valuation Committees.
Other than as detailed above, Electra confirms that there are no other details to be disclosed in respect of these two appointments pursuant to paragraph 9.6.13 of the Listing Rules.