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Cranswick Plc - Change of Chairmanship

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Cranswick plc

("Cranswick" or "the Company" or "the Group")

Change of Chairmanship

Cranswick, a leading UK food producer, announces that Martin Davey has indicated his intention to retire from his role as Executive Chairman of the Company, and will step down from the Board, at Cranswick's AGM on 26 July 2021.  When he steps down Martin will have served as a Director for 36 years and as Chairman since 2004.  Martin will remain with the Company in an advisory capacity until May 2022.

Martin and his colleagues took Cranswick from its farmer-owned, animal feed origins onto the UK Stock Market in 1985, valued at £5m, and developed it into the c. £2bn market cap. FTSE250 leading food producer that it is today.  The process to identify and appoint a new Chairman was undertaken in accordance with corporate governance guidelines and included the use of independent search consultants.  After due consideration the Board has decided to appoint current Non-Executive Director, Tim Smith, as Martin's successor with effect from the conclusion of the Company's AGM.  Tim will also be appointed Chair of the Company's Nomination Committee.

Tim Smith, Non-Executive Director and Chairman elect, commented "On behalf of all the Board, I thank Martin for his dedicated service to the Group and wish him well for the future.  Martin and his team have developed an outstanding business and I am honoured to succeed Martin as Chairman.  I look forward to working with the Board and colleagues across the business to continue the Group's successful long-term growth and development."

Adam Couch, Cranswick's Chief Executive Officer, commented "Much of what Cranswick is today in terms of its culture and ethos reflects Martin's character and personality.  On a personal note, he has been an inspiration, mentor, wise counsel and friend to me in equal measure and, on behalf of all at Cranswick, I would like to thank Martin for his invaluable contribution to the Group over the last 36 years. I wish him, his wife Linda and their family all the very best for the future."