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LONDON - Diploma PLC (LON:DPLM) announced Thursday that Chief Financial Officer Chris Davies has resigned from his role and stepped down from the Board with immediate effect following what the company described as "a lapse in judgement" regarding his personal behavior at a recent company event.
The industrial components supplier stated that Davies’ departure is unrelated to the company’s financial performance, and confirmed that its guidance for fiscal year 2025 remains unchanged.
Wilson Ng, who has served as Group Financial Controller since joining Diploma in 2022, has been appointed as Acting Group Chief Financial Officer while the company initiates a search for a permanent successor.
According to the company statement, Ng brings over 20 years of international finance experience to the role. Prior to joining Diploma, he worked as a divisional Finance Director at Spirax Group plc and held various senior finance positions at GKN plc, including assignments in the Asia Pacific region. Ng is a chartered accountant with the Institute of Chartered Accountants in England and Wales (ICAEW).
Diploma noted that details of Davies’ remuneration arrangements upon his departure, which the company says will comply with its remuneration policy, will be published on the corporate website as required by section 430(2B) of the Companies Act 2006. The company specified that no payments will be made for loss of office.
The announcement was made through a regulatory news service filing by the London-based company, which specializes in the distribution of specialized technical products and services.
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