Last checked at 1 Apr 2020 07:00
1 April 2020
Coats Group plc
Retirement of Chief Financial Officer
Coats Group plc ('Coats', the 'Company' or the 'Group'), the world's leading industrial thread manufacturer, announces that Simon Boddie, currently Chief Financial Officer, has advised the Board of his intention to retire from the Company and the Board with effect from 31 March 2021 to pursue further non-executive opportunities. This will allow time to complete the search for a successor and ensure a smooth transition of his responsibilities.
Simon joined Coats in July 2016. During his tenure Simon has overseen the development and execution of the M&A strategy, including the acquisitions of Patrick Yarn Mills, ThreadSol and most recently Pharr HP, in addition to the disposal of the non-core North American Crafts business which resulted in Coats becoming a focused B2B industrial manufacturing business. In addition, Simon oversaw the final stages of the pensions regulatory investigations in 2016/17, and since then has worked to streamline the group's pension arrangements.
Commenting, Mike Clasper, Chairman, said: ' The Board would like to extend its thanks to Simon for the excellent contribution he has made to Coats. Amongst his many achievements, he has strengthened the finance function, successfully delivered a Group refinancing package, helped support the Connecting for Growth global transformation programme and improved our outsourcing effectiveness. He has also guided the development of our M&A capability, resulting in a B2B focused business and a series of quality bolt on acquisitions, all whilst maintaining a strong Balance Sheet. I look forward to us continuing to working together to prepare for a seamless transition to his successor.'
Commenting on the announcement, Simon Boddie, said: 'I am pleased with the significant transition I have been able to support the business through over the last 4 years. Coats has been a rewarding place to work, and I am pleased to have helped lead Coats into its latest phase of its 250 year history. I have no doubt that the group will thrive in the future and I wish my colleagues every success. Prior to my departure, I will continue to support the team through the current challenges we face in relation to Covid-19 in order to ensure we exit this time of uncertainty in a position of strength.'
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Enquiry details | |||
Investors | Rob Mann | Coats Group plc | +44 (0)20 8210 5175 |
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 17,000 people across six continents. Revenues in 2019 were US$1.4bn. Coats' pioneering history and innovative culture ensure the company continues leading the way around the world. It provides complementary and value added products, services and software solutions to the apparel and footwear industries. It applies innovative techniques to develop high technology Performance Materials threads, yarns and fabrics in areas such as Transportation, Telecommunications and Energy, and Personal Protection. Headquartered in the UK, Coats is a FTSE 250 company, a constituent of the FTSE4Good Index Series and a participant in the UN Global Compact. To find out more about Coats visit www.coats.com.