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3 May 2022 07:00
3 May 2022
Coats Group plc
Board Changes
Coats Group plc ("Coats" or the "Company"), the world's leading industrial thread company, announces that it has received notice from Anne Fahy, Non-Executive Director ("NED") of the Company, of her intention not to stand for re-election at forthcoming Annual General Meeting (the "AGM"). Anne will attend the Board and Committee meetings to be held on 17th and 18th May 2022 in her capacity as NED and Chair of the Audit and Risk Committee.
As the Company's Notice of AGM has already been issued, the Company confirms that the resolution to re-elect Anne Fahy as a NED of the Company (Resolution 6) is now withdrawn. The withdrawal of Resolution 6 does not otherwise affect the validity of the Notice of AGM, or any proxy votes already submitted on other proposed resolutions. The numbering of all other proposed resolutions at the AGM will remain unchanged.
As a result of Anne's decision, Nicholas Bull, FCA, will be appointed as Chair of the Audit and Risk Committee with effect from 19th May 2022. Nicholas was appointed as a NED and Senior Independent Director of Coats in April 2015, and has been a member of the Audit and Risk Committee since then. Nicholas brings extensive financial experience through both his current appointment as Chair of Fidelity China Special Situations PLC, as well as from his previous roles with de Vere Group Limited, Société Générale, Morgan Grenfell and ABN Amro.
Coats will announce a scheduled Trading Update alongside the AGM on 18th May as planned.
David Gosnell, Chair, commented:
"Since her appointment in 2018, Anne's wealth of experience has helped guide Coats' continued growth and to navigate through the challenges of a global pandemic. On behalf of the Board, I would like to thank Anne for her valued contribution to the Company over many years. We wish her well for the future."
Enquiry details
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Investors | Nick Kidd | Coats Group plc | +44 (0)20 8210 5090 |
Media | Richard Mountain / Nick Hasell | FTI Consulting | +44 (0)20 3727 1374
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About Coats Group plc
Coats is the world's leading industrial thread company. At home in some 50 countries, Coats has a workforce of over 18,000 people across six continents. Revenues in 2021 were US$1.5bn. Coats provides complementary and value-adding products, services and software solutions to the apparel and footwear industries. It also applies innovative techniques to develop high technology performance materials threads, yarns, fabrics and composites in areas like personal protection, telecoms, energy, transportation, and household and recreation. Headquartered in the UK, Coats is a constituent of the FTSE 250 and FTSE4Good Index Series. It is a participant in the UN Global Compact, a member of the Ellen MacArthur Foundation, has approved short term Science Based Targets to 2030 and is committed to developing a long-term target to reach net-zero emissions by 2050, the highest level of ambition on climate change under the Science Based Target initiative. The pioneering history and innovative culture of Coats enable the delivery of its purpose to connect talent, textiles and technology to make a better and more sustainable world. For further information go to www.coats.com.
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