Trifast appoints ex-Essentra manager as new CEO

(Sharecast News) - Industrial components manufacturer Trifast has announced it has finally found a new chief executive after a six-month search. The company, which makes bolts, nuts, screws, rivets and washers for industrial settings, is appointing Iain Percival as its new boss as of next week.

Percival was a divisional CEO at FTSE 250 company Essentra Packaging between 2017 and 2021, and prior to that had spent 12 years in senior roles at Rexam.

Former CEO Mark Belton resigned from the company in February, with non-exec director (NED) Scott Mac Meekin stepping in as interim boss while the company looked for a successor.

Meekin had initially announced his intention to retire as an NED at the end of the financial year, but will now be appointed head of strategic transformation. However, he is to step down from the board as planned.

Serena Lang, an NED who formally stepped into the position as non-executive chair on Thursday, welcome Percival to the board in a statement on Friday: "We believe that we have attracted an experienced leader whose multifaceted skills and hands-on experience will be invaluable as we continue to rebuild and reposition the business over the medium-term."

The stock was up nearly 3% at 82.3p by 0948 BST.