Oxford Instruments hires TT Electronics' CEO as it posts positive results
Oxford Instruments has announced the retirement of its CEO, the appointment of his replacement, and positive financial results.
The company, which provides technology and services to industrial companies and scientific researchers, said on Thursday that it expects revenue for year ended on March 31 to rise 22 per cent from £367.3 million in 2022.
Oxford Instruments also announced that CEO Ian Barkshire would retire after seven years in the post.
It has hired Richard Tyson, currently CEO of electronics provider TT Electronics, as its new CEO.
Neil Carson, Chair of the Board of Oxford Instruments plc, said: "Ian Barkshire has led Oxford Instruments through a period of remarkable growth, positioning the business in structural growth markets and transforming it into a global leader through the deployment of the Horizon strategy.
"In doing so, he has remained focused on our people and our purpose - to enable a greener, healthier, more connected advanced society - as the drivers of success.
"He leaves the business stronger than ever, and can look back on his long career with Oxford Instruments with immense pride. On behalf of the Board and all his colleagues, I would like to thank Ian for the tremendous contribution he has made, and to wish him and his family every happiness in the future.
"I am delighted that Richard Tyson will be joining us to lead us through the next phase of our growth.
"With his record of success and his wealth of expertise in high technology innovation and global manufacturing, Richard is ideally placed to build from the position of strength created by Ian and Chief Financial Officer Gavin Hill, along with our leadership team, and to continue Oxford Instruments' positive trajectory as one of the UK's leading global technology companies."
Ian Barkshire said: "I am proud to have led Oxford Instruments, working with the Board and leadership team to drive the transformation we have delivered through the Horizon strategy.
"It has been an honour to steer one of the UK's most innovative companies, and to work with some of the most dedicated and talented people in our industry.
"I am fully committed to continuing our growth trajectory through my remaining time in post, and to supporting Richard, the Board and my colleagues during the forthcoming period of transition."
Richard Tyson said: "I have long been an admirer of Oxford Instruments, as one of the most exciting technology companies operating today.
"I look forward to building on the strong foundations created by Ian and the management team, and to maximising the company's potential to thrive and grow in its target markets."