The Company was sold to KPS in March 2023. KPS is a global private equity firm who focus on developing strong, industry-leading manufacturing companies. Following their acquisition of the Company, the Company’s Board underwent a strategic restructuring to integrate the expertise and leadership needed to support the Company’s long-term growth objectives post-acquisition. New directors with key industry knowledge and experience were appointed to strengthen the board’s governance capabilities and ensure a smooth transition. This newly integrated leadership team is well-positioned to drive synergy, realisation and enhance operational performance.
The Board of PYL comprises, a Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, Executive Director People, Legal and External Affairs, Executive Director Commercial, Executive Director Design & Development, Executive Director Engineering and Executive Director Brand & Marketing (the “Directors”). PYL acknowledges that while some progress has been made, there remains a relative lack of diversity on its Board and it is recognised that this is a challenge across the marine sector as a whole. The Company recognise the importance of diverse perspectives in driving innovation and enhancing decision-making, the Company is committed to fostering a more inclusive leadership team. As part of this effort, PYL appointed its first female board director during 2023, making an important step towards achieving greater gender balance. The board are fully committed to further increasing diversity across all levels of the organisation and will continue to seek out candidates with varied backgrounds and experiences.
The Directors have equal voting rights when making decisions and all Directors have access to the advice and services of the Company Secretary and may, if they wish, take professional advice at PYL’s expense.
The Board has conducted self-assessments to consider progress and success in the execution of the action plans agreed under formal review with Shareholders. The Board considers effectiveness assessments important in the identification of key areas for future improvements, focus and for strengthening its overall performance. Directors are encouraged and supported to continue their development and broaden their experience with external organisations when work commitments permit.
