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Mpac trading in line as chairman steps down
Packaging company Mpac Group told investors that trading in its first quarter was ahead of last year and in line with the board's expectations on Thursday, as they gathered for the annual general meeting.
The AIM-traded company's chairman, Phil Moorhouse, also said that he was stepping down from the Board and would cease to be a director with effect from the close of this meeting, citing "personal reasons".
Moorhouse had been with Mpac for seven years, three of those as chairman.
"I have enjoyed working in the business and am pleased to say that with our new management team under the leadership of Tony Steels we have a clear growth strategy," Moorhouse told the meeting.
"The business is well positioned in growth markets and has significant cash resources to fund growth both organically and by acquisition where appropriate. "
CEO Tony Steels thanked Moorhouse on behalf of the board for his "key contribution" to the strategic development of Mpac.
"On a personal level he has been a very supportive colleague and a great coach since I joined the company.
"We wish him all the best for the future."
Andrew Kitchingman would be appointed as chairman with immediate effect, the board confirmed, and a process would commence to appoint a non-executive director to supplement the board.