Elementis Share News (ELM)

(Sharecast News) - Elementis announced on Monday that its chief executive officer Paul Waterman would step down following nine years at the helm.

The FTSE 250 specialty chemicals firm said the decision came after discussions with the Board, with both parties agreeing that it was the right time for a leadership transition.

Waterman would remain in his role until a successor was appointed, with plans for his departure to take place no later than the company's annual general meeting next April.

He would continue to support the business during the transition period and will be available until the end of July 2025.

The board said it had started the process of identifying a new CEO, and would update the market on the appointment in due course.

"Over the past nine years it has been my privilege to lead Elementis as we have transformed the group into a higher quality, more focused specialty chemicals business," said Paul Waterman.

"The company is now well positioned for future success as a result of our focused strategy implementation and the commitment of a very talented Elementis team.

"I am confident that performance will further improve through 2025 and 2026, making now an appropriate time for a leadership transition."

At 0833 GMT, shares in Elementis were up 2.67% at 138.6p.

Reporting by Josh White for Sharecast.com.