The Board of XP Power announced that after over seventeen years as Chief Executive Officer, Duncan Penny has informed the Board of his intention to retire as CEO, from the XP Power Board and Executive life. Duncan will step down as CEO on 31 December 2020 and leave the Board and the Group at the AGM in April 2021. The board of XP Power to announce that after a thorough executive search company led process, Gavin Griggs, currently Chief Financial Officer, will succeed Duncan as Chief Executive Officer on 1 January 2021. Gavin has been the Chief Financial Officer at XP Power since joining the Group in November 2017 and has worked very closely with Duncan since that time. He is a proven executive with experience of a broad range of sectors, gained in senior international finance and strategy roles with Alternative Networks, Logica, SABMiller, Sodexo and PepsiCo. The Group has commenced the search for Gavin’s successor as Chief Financial Officer and an appointment will be announced in due course. Duncan joined XP Power as Chief Financial Officer in 2000, becoming CEO in 2003, and has led their business with distinction. He will leave having established a high-quality team, with a broad range of skills, experiences and perspectives which is well placed to take XP Power forward under Gavin's leadership.