Announcing his decision to leave the group, investors were also told he would also be cashing in most of his chips.
The return for a stellar 12 years with the firm: a more than £16mln windfall from the sale of shares at £16 each.
He is left with 120,000 shares, worth just under £2mln at today’s prices.
Tracey’s time in charge of the power controls business has been an incredibly successful one for investors. In the last five years the price of the stock has advanced 330% and it is up 200% since float.
He leaves a company in rude financial health with last month’s trading update revealing the group’s sales and profit margins had improved.
Broker Investec says: “We expect the gradual improvement seen during the second half of 2013 and into the first quarter of 2014 to continue and the encouraging order intake in the first quarter has allowed management to reiterate guidance of year-on-year revenue growth.
“XP has spent the last few years expanding its customer base and maintaining its barriers to entry through investment in its design and manufacturing facilities; this investment is now helping it gain market share, we believe.” Analyst Thomas Rands remains bullish on the stock with a £17.90 price target – a 9% premium to Friday’s close.
Growth company specialist SP Angel reckons XPP is worth £19 a share, saying it is trading at a significant discount to the sector.
The dividend yield of 3.6% also marks it out from the pack.