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Norcros PLC - Cheshire-based kitchen & bathroom products supplier - Says Chief Executive Officer Nick Kelsall intends to retire after 30 years. He will step down as CEO and from the board with effect from March 31. Promotes UK Business Director Thomas Willcocks as the new CEO, starting from April 1. He will be CEO designate until then. Willcocks has been member of the executive team at Norcros as business director UK with operational responsibility for the group's UK business segment since August 2021. Prior to this, he was the managing director of Norcros South Africa where he "led the transformation and profitable growth of the South African business," Norcros says.
Outgoing CEO Kelsall was promoted to the post in April 2011. Prior to this post, he had been as the chief financial officer since October 1996, having joined the firm in 1993. He will remain an employee for a period of twelve months from today to ensure a smooth handover.
Acting Chair David McKeith says: "Nick has devoted the majority of his career to Norcros and has converted it into the resilient, profitable and market leading business it is today. Thomas has been a key executive, in South Africa and now in the UK, throughout my time on the Norcros board. The board has every confidence that he will build on Norcros's strong position and continue our growth trajectory."
Current stock price: 210.00 pence, down 2.3% on Monday afternoon in London
12-month change: down 31%
By Xindi Wei, Alliance News reporter
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