RC Fornax PLC (AIM:RCFX) non-executive chair, David Hitchcock, talked with Proactive about his recent appointment and what it signals for the company’s next phase of growth. Hitchcock, who has been on the board since the IPO, brings a combination of capital markets expertise and deep military background to the chair role.
He highlighted RC Fornax’s positioning as a defence consultancy during a time of increased global defence spending. “We are very innovative… and I think the board is really very strong now,” he said, adding that the board’s refreshed composition balances operational, defence, and financial expertise.
Hitchcock discussed the additions of Andrew McInerney—“Mac”—a former Special Forces commando with growth company experience, and Chris Brooks, the firm’s engineering head, who has now joined the board to bring operational insight directly to leadership decisions.
The company is aiming to deepen institutional investor engagement, strengthen customer relationships, and position itself to take advantage of growing demand in the defence sector. Hitchcock also noted that a strong share price would allow RC Fornax to capitalise on new opportunities as they arise.
Proactive: David, congratulations on your new appointment. You've been on the board since the IPO, and now you're stepping up to chair. What do you think you uniquely bring to RC Fornax at this stage of its development?
David Hitchcock: RC Fornax is at a really interesting stage. The company is very excited about its prospects. A year ago, it became a public company, and we’ve worked hard to adjust to that new status while also planning for the future.
I’ve worked in the equity markets since 1992 and was previously head of institutional client management at JP Morgan. My practice involved asset managers and hedge funds. The board wanted to build a more institutional franchise and develop the solid foundations left by my predecessor, Mark Fahy.
Proactive: Your background, as you said, spans capital markets, governance, and frontline defence experience. How does that blend help RC Fornax navigate growth as a listed defence consultancy?
David Hitchcock: It's the story of my life, really. I was a soldier until I was 29, serving in the Gurkhas all over the world. I still have strong links in the armed forces and among senior defence personnel, some of whom are still at the top levels of the army.
RC Fornax is a defence consultancy. Since 1992, I’ve also had extensive capital markets experience—starting at Goldman Sachs and then moving to JP Morgan as head of equity sales. I’ve worked on hundreds of IPOs, connecting the buy and sell sides.
So I understand what companies like RC Fornax need when seeking capital, and I know what both institutional and retail investors look for in their investments. That dual understanding is very useful in my role as chair.
Proactive: There have been other changes to the board as well. Andrew McInerney—or Mac—joins with deep military, government, and growth company experience. What gaps does he fill, and how does he strengthen the board’s strategic oversight?
David Hitchcock: Mac’s a serious soldier. He served as a commando in Special Forces with multiple tours of Afghanistan. He’s very experienced in the defence sector. Since leaving the Marines, he’s chaired growth companies and moved into the business side, albeit with less experience than me there. But his background is similar in terms of transitioning from defence to business. We're very much looking forward to having him on board.
Proactive: Chris Brooks also moves onto the board from his role as managing director and head of engineering. Why was it important to bring operational leadership directly into the boardroom now?
David Hitchcock: I strongly believe in having operational leadership in the boardroom to keep everyone informed and grounded. Chris is an exceptional guy—a real tower of strength. He has a track record of lifting up engineering consultancy businesses, which is exactly what we need at this stage.
Proactive: With this refreshed board in place, what does success look like for RC Fornax over the next 12 to 18 months as defence requirements continue to evolve?
David Hitchcock: Defence’s time in the sun has come. We’re living in a very unstable world, and many countries, including our own, are rightly increasing defence spending to protect their citizens.
We want to make sure RC Fornax is well-positioned to win work in that environment. We are innovative and are building strong relationships with our customers and shareholders. The board now balances operational, defence, and financial experience—with Paul and Chris on operations, Mac and myself on defence, and Mac’s growth experience alongside my financial markets background.
Success for us means financial growth, a stronger share price, and the ability to seize opportunities as they come.
Proactive: David, congratulations again. I hope this is the first of many conversations. Thank you very much for your time today.