TT Electronics Acting CEO Appointed To The Role Full Time

TT Electronics PLC (LON: TTG) has officially appointed Eric Lakin as its Chief Executive Officer, effective immediately. Lakin, who has been serving as acting CEO since April 10, 2025, secured the permanent role following an external search process led by the Nomination Committee.

Warren Tucker, Chair of the Board, expressed strong support for Lakin, citing his sector experience and the progress he has made in stabilizing the company since taking over in an interim capacity. “After an extensive, externally facilitated search that considered a strong field of external candidates, the Board unanimously concluded that Eric is the best person to lead TT forward,” Tucker stated. Lakin himself conveyed his commitment to working with the team to deliver on commitments to customers, employees, and shareholders.

The appointment occurs against a backdrop of recent financial difficulties. In April 2025, TT Electronics reported a 13% decline in revenue on a constant currency basis and a 17% decrease in adjusted operating profit. In response to macroeconomic uncertainties, the Board made the difficult decision to pause the final dividend for 2024, impacting shareholder returns. The company also anticipates no revenue growth in North America for 2025, partially due to revenue deferrals.

This financial performance has weighed heavily on the company's stock. Over the past year, TT Electronics' share price has declined by 38%. A prior profit warning in April, accompanied by the departure of the previous CEO, triggered a substantial stock drop of over 25%.

Lakin's formal appointment is therefore a crucial moment for TT Electronics. His immediate challenge is to stabilize the company and restore investor confidence. The markets will be closely watching the company's strategic initiatives and financial performance under his leadership.