tp group plc said monday that chief executive david lindsay has given notice of his intention to resign and that martyn ratcliffe has been appointed as executive chairman with immediate effect the uk engineering group said that mr lindsay will continue to support the board and focus on the companys restructuring and realignment the company anticipates that mr lindsay will leave the company upon completion of that process which is expected to take place in march it said tp group said it will also be reviewing its incentivereward schemes for management and staff and that it expected that from 2022 these will be based on the companys performance so as to align rewards with shareholder interests the company said its performance for the third quarter has been satisfactory the forecast from the operating business for the year remained in line with market expectations and in compliance with banking covenants it said following recent events the board can now focus on implementing the strategy associated with the investment by science group the opportunities for collaboration and cooperation between the two organizations will be explored in due course it said