Ricardo plc ("Ricardo") is delighted to announce the appointment of Mark Clare as its Chairman, effective from the close of its Annual General Meeting on 17 November 2022. Mark succeeds Sir Terry Morgan, who gave notice of his intention to retire earlier this year and will formally resign at the Annual General Meeting. Mark brings to Ricardo substantial plc-level experience as well as energy, utilities and construction sectors expertise.

He is currently non-executive chairman of Grainger plc, a UK-based residential property business, listed in London and a constituent of the FTSE 250 index. He is also senior independent director of Wickes Group plc and a non-executive director of Premier Marinas Holdings Limited. From 2006-2015, he was the CEO of Barratt Developments plc, a FTSE 100 house builder.

Mark Clare will join the Ricardo Board on 1 November as non-executive director and Deputy Chairman and a member of Nomination and Remuneration committees. This will allow for a smooth transition and induction process. Malin Persson, Ricardo's senior non-executive director, said: "The Board is delighted that Mark has agreed to be the next Chairman of Ricardo.

He has experience in leading and chairing publicly listed companies and brings a strong set of skills and experience to the role of Chairman.