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Carr's Milling (UK) Announces Management and Board Changes

Date Posted: October 24, 2012

Carr's (CRM.L), the agriculture, food and engineering group, announces the following changes to its Board of Directors.

On 6 July 2012 Carr's announced that Ron Wood would be retiring on 30 April 2013 and that Neil Austin, who is joining Carr's on 1 January 2013, will be appointed Finance Director on 1 May 2013.

Carr's now announces further planned changes to its management team:

• with effect from 28 February 2013 Lord Inglewood will retire as Chairman and Chris Holmes will become Executive Chairman; and

Tim Davies will join the Board as Chief Executive on 1 March 2013.

Lord Inglewood, who will retire from the Board on 28 February 2013, has been on the Board since September 2004 and Chairman for the past seven years.

During that period, the Group has achieved significant success, sometimes in challenging circumstances, and the Board thanks him for his valuable contribution over the last eight years.

Chris Holmes, who will become Chairman on 28 February 2013, will initially hold the position of Executive Chairman for a transitional period and it is intended that he will become Non-Executive Chairman by the end of July 2013.

Tim Davies, aged 50, is currently Group Managing Director of Openfield Group Ltd and has held this position since its creation in 2008.

Openfield Group Ltd is the largest farmer-owned grain marketing business in the UK, handling over 20% of the total UK crop, with a turnover of £700m and employing 250 people.

Prior to Openfield Group Ltd Tim Davies was Group Managing Director of Grainfarmers Plc.

Tim Davies has been a Director of the Agricultural Industries Confederation since it was founded in 2003.

There is no information concerning Tim Davies which requires disclosure under Rule LR 9.6.13 of the UK Listing Authority Listing Rules.

The Board recognises that the appointment of Chris Holmes as Chairman does not accord with the recommendations of the UK Corporate Governance Code.

However, the Board believes that, in view of Chris Holmes' wealth of experience, and following Ron Wood's decision to retire as Finance Director with effect from 30 April 2013, the appointment is in the best interests of Carr's and its shareholders.

The Board has consulted major shareholders who have expressed their strong support for the appointment of Chris Holmes as Chairman.

Chairman, Lord Inglewood, commented:

"The Board believes Chris is uniquely placed to be Chairman as a result of his long association with, and knowledge of, the Company.

"Chris has made an exceptional contribution to Carr's since he joined the Company, and in particular as Chief Executive throughout varied and demanding conditions.

"He has been intrinsic in the development and success of Carr's and the Board believes that this expertise should be retained to assist the further development of Carr's under its new Chief Executive."

For more information, call 01228 554 600.

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