Following the integration of the acquisitions made in recent years and the investment in the new software products, the Board is pleased to announce that, with effect from 1 May 2006, David Sherriff is to be appointed Chief Executive Officer of Microgen plc.
Mr Sherriff (43) joined Microgen in 1999 and became Group Managing Director in 2002. His appointment is a natural evolution for the Group and a consequence of a structured succession programme.
Having led the transformation of Microgen over the last 8 years, Martyn Ratcliffe, currently Executive Chairman, has advised the Board of his wish to migrate his role to a non-executive position, which the Board fully supports. Mr Ratcliffe will maintain an active role in the Group on a part-time basis.
Following these changes, Microgen's strategy will focus on driving the organic development of the Group and achieving the full potential from the new products being launched in 2006. As a result, and given the Group's strong profitability and cash flow, the Board anticipates recommencing dividend payments in the current financial year.
Mr Patrick Barbour (71) has also advised the Board that he will step down at the next Annual General Meeting. Mr Barbour first joined the Board in 1978 and was Executive Chairman for many years. The Board would like to thank Mr Barbour for his substantial contribution to the development of Microgen over the past 28 years.
The Annual General Meeting will be held on 11 May 2006. The notice of AGM and Annual Report for 2005 will be posted to shareholders within the next few days and these documents include details on the proposed Management Long Term Incentive Plan outlined in the Preliminary Results statement issued on 15 March 2006.