Acal (LON:ACL) said Nick Salmon has had second thoughts about taking over as non-executive chairman of the fast growing designer and distributor of electronic components.
Salmon, who is non-executive chairman of South East Water Limited, senior independent director of Elementis and a non-executive director of Interserve, has decided that his other business commitments would prevent him from devoting sufficient time to do the role justice as Acal pursues its international growth strategy, and as a result will quit the board at the end of the month.
Acal's current chairman, Richard Moon, has agreed to remain in the chair. Meanwhile, the board is on the look-out for new non-executive directors to add to the board.
“Having reported very good full year results for 2015 and with the new financial year starting in line with its expectations, the board continues to look forward to the future with confidence,” the company told investors.
Shares in Acal were down 2.8% at 297.91p in the first half hour of trading.