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MillimeterDavid Youlton Steps Down from Snell & Wilcox Chairmanship
Sep 12, 2001 12:00 PM
Sept. 11, 2001 - Professor David Youlton has announced that he will step down from the chairmanship of Snell & Wilcox, the company he has headed for the past 13 years. This move completes the senior management handover initiated in January 2000 when the Board appointed John Spencer to the post of CEO. It anticipates a planned change from private to public status for Snell & Wilcox in the near future.
Professor Youlton will remain Chairman of the Snell & Wilcox Advisory Board.
Explaining his decision to Snell & Wilcox staff, Professor Youlton said that having invested massively over the last 12 years in research and development -- to the point where Snell & Wilcox now has one of the major technology and patent pools in the industry -- the emphasis now needs to change.
"Being entirely privately held, investing only our own revenue into growth, has given us the creative freedom to develop a pre-eminent portfolio of technology and intellectual property and an outstanding global brand," he said. "Now however, the company needs access to greater funding sources in order to take fuller advantage of the many commercial opportunities made available to us because of our technological leadership. That's why we are currently organizing suitable external investment prior to an eventual IPO.
"It seems to me," he added, "that this imminent change of status and culture,from private to public, represents an appropriate juncture for me to bow out of the day-to-day operations of the company. Having played such a pivotal and powerful role in the company's management for so long, it would be unfair of me, in handing over to the new team, to expect 'the oak trees to grow in the shadow of the cypress.'"
Roderick Snell, the company's founder and research director, paid tribute to Professor Youlton's outstanding contribution during his 13 years as group chairman. "Under David's leadership", he said, "the company has developed one of the industry's great technology and product bases and has grown in turnover more than 40 fold. Being the independent-minded entrepreneur that he is, it is no surprise to any of us that given our company's imminent change in status and culture from private to public, he has decided that the time is right to hand over the reins.
"We all owe David a great debt of gratitude for the untiring work that he has put in over so many years to provide us with such a powerful springboard," Snell added. "I look forward very much to continuing to work with David in his new role as Snell & Wilcox positions itself to play an increasingly powerful part in the future of image communications."
John Spencer, chief executive officer, also acknowledged the company's debt to Professor Youlton and outlined the new challenges ahead. "David has always predicted that mastery of the moving image would be the key enabling technology for the communications industry in the 21st century," he said. "Under his leadership, Snell & Wilcox has concentrated its resources on becoming the acknowledged master in this field. The challenge for us now, with new public funding secured, will be to fulfill his vision by exploiting to the full the huge potential of our technology and products in the market place."
Continue the discussion on “Crosstalk” the Millimeter Forum.