20 May 2019 07:01
Low & Bonar PLC
Change of Leadership
The Board of Low & Bonar plc announces that Philip de Klerk will step down as CEO and leave the Board on 1 July 2019. The current non-executive Chairman of the Board, Daniel Dayan, will become executive Chairman on 2 July 2019. A search for a new chief executive will not be initiated immediately and the situation will be reviewed later in the year.
The Board has decided that a change of leadership is required to accelerate delivery of the transformation programme initiated in late 2018.
In addition to implementing performance improvement and cost reduction initiatives, the Board will focus on completing the disposal of the Civil Engineering division and on exploring other opportunities to maximise shareholder value in the short-term.
The Board expresses its thanks to Philip for his efforts as CFO and CEO in identifying and tackling significant and long-standing cultural, operational and organisational weaknesses during a very challenging period for the Group.
Daniel Dayan became chairman of L&B in September 2018. From 2005-13 he was CEO of Fiberweb plc, a global industrial textiles business, and subsequently he held leadership positions in global plastic packaging businesses LINPAC and Klöckner Pentaplast until December 2018.
Enquiries:
Low & Bonar PLC Daniel Dayan, Chairman Philip de Klerk, Group CEO Ian Ashton, Group CFO
| +44 (0) 20 7535 3180 |
Notes:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
The remuneration arrangements in relation to Philip de Klerk's departure from the Board will be determined in accordance with the Company's shareholder approved directors' remuneration policy, and details will be made available on www.lowandbonar.com in accordance with section 430(2B) of the Companies Act 2006.