Eric Hutchinson stepping down as CEO of Spirent
By Josh White
Date: Thursday 15 Nov 2018
(Sharecast News) - Communications technology company Spirent Communications announced on Thursday that Eric Hutchinson had informed the board of his wish to retire from the company, and that as a result, the board was starting a search process for his replacement.
The FTSE 250 firm said Hutchinson had agreed to continue in his role as chief executive officer until a replacement was appointed, and for a transitional period after that.
As part of its overall succession planning, the Spirent board said it had a relationship with management consulting company Korn Ferry, who would be assisting it with the search process.
In a separate announcement on Thursday, Spirent also updated the market on its trading through the third quarter, reporting that its performance delivery was "on plan" with further good momentum enjoyed in the quarter.
"I have very much enjoyed the last 36 years at Spirent, and particularly the last five years as CEO," said Eric Hutchinson.
"However, I have decided that it is now the right time for me to plan for my retirement.
"I believe that the company has many opportunities, and an exciting future, ahead of it and I remain fully committed over the coming months to ensuring the continued success of the business."
Spirent chairman Bill Thomas added that Hutchinson had made a "huge contribution" to Spirent over the last 36 years, for which the board was "very grateful".
"We are also pleased that Eric will continue to lead our business whilst we find and appoint his successor," Thomas said.
"The board has appointed Korn Ferry to conduct a search for Eric's successor which will begin immediately and will provide an update in due course."
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