(Alliance News) - Synthomer PLC on Wednesday said it hired the ex-head of Conzzeta AG with a history of dealmaking, Michael Willome, as its new chief executive.
54-year-old Willome will replace Calum MacLean at the helm of the FTSE 250 chemicals company on November 1. Willome was chief executive of Swiss conglomerate Conzzeta, since renamed Bystronic AG, from January 2016 until April this year.
In his first four years at Conzzeta, Willome doubled earnings before interest and tax through organic growth and acquisitions, before divesting four of its five businesses in a 2020 restructuring, Synthomer said.
The Swiss national, who will relocate to London where Synthomer is based, previously spent 18 years at Clariant AG and has held leadership roles in Hong Kong, Canada and Turkey, the company added.
He will be paid GBP650,000 per year, plus bonuses and shares worth over triple that amount, depending on performance.
MacLean had announced his wish to step down as chief executive in January.
Willome is "a high calibre, proven business leader with considerable experience in the global speciality chemicals industry and a strong track record of driving growth and profitability," Synthomer Chair Caroline Johnstone said.
Shares were down 0.9% to 524.50 pence in London.
By Ivan Edwards; ivanedwards@alliancenews.com
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Synthomer (SYNT)