Oxford Instruments names Paul Fry as CFO designate under succession plans

Abingdon-based Oxford Instruments told investors that experienced executive Paul Fry will be appointed as its chief financial officer on April 1 this year after Gavin Hill steps down from the role at the end of March.

Revealing the succession plans, the company said Hill, who has been with the firm for nearly nine years, will remain actively involved until June to support a smooth transition.

Meanwhile, Fry joins the company from Thursday (January 9), initially in a non-board role, before being appointed to the board and taking up the CFO role in April.

Hill said: "I am really proud to have played a role in the considerable achievements made at Oxford Instruments over recent years.

"Since I joined in early 2016, we have tripled the share price of the company, providing value for shareholders, great opportunities for our employees and more advanced technologies for our customers.

"I look forward to seeing Oxford Instruments continue its growth trajectory from the strong position that it is in now."

CEO Richard Tyson added that Hill had been a "strong steward of the company's finances throughout his tenure, shaping our growth and building the foundations for ongoing success".

"He is enormously well respected and liked by both colleagues and stakeholders, and leaves with our very best wishes for the future.

"I am delighted that Paul will be joining us for the next phase of our growth," he added.

"He brings a wealth of highly relevant experience in business transformation, a clear understanding of our growth drivers, and a shared commitment to our purpose and values-led approach."

Fry has held senior positions at international healthcare and technology companies, having held the roles of CFO, most recently at Argenta Group and previously at Vectura plc and Immunocore Limited.

With a career spanning more than 25 years, he has also held a number of senior roles at Vodafone and GlaxoSmithKline. He is also currently a non-exec director and chair of the audit committee at AIM-listed healthcare company Avacta Group plc.

FTSE-250 listed Oxford Instruments provides high-tech products and systems for industry and research. It was the first technology business to be spun out from Oxford University.