Norcros Regulatory News (NXR)

Norcros plc

("Norcros" or "the Company")

CEO Succession

Norcros plc, a market leading supplier of high quality and innovative bathroom and kitchen products, announces that after 30 years with the Company, Nick Kelsall, Chief Executive Officer, has notified the Board of his intention to retire. Nick will step down as CEO and from the Board with effect from 31 March 2023. Following a rigorous recruitment process, Thomas Willcocks, who is currently the Group's UK Business Director, will succeed Nick as CEO.

Nick was appointed CEO in April 2011 and over the last 12 years has transformed the Group through the successful execution of a focussed growth strategy into a highly profitable and resilient market-leading business with strong brands. The Group has delivered an enviable track record of sustained domestic and international growth during Nick's leadership, through his strategic vision and business acumen. Nick previously served as the Group's Chief Financial Officer from October 1996, having joined Norcros in 1993. To ensure a smooth and effective handover, Nick will remain an employee for a period of twelve months from today.

Thomas Willcocks will assume the role of Chief Executive Officer effective 1 April 2023, until then he will be CEO Designate. Since August 2021, Thomas has been a member of the Executive Team at Norcros as Business Director UK with operational responsibility for the Group's UK business segment. Prior to his move to the UK, Thomas was, from 2009, Managing Director of Norcros South Africa where he led the transformation and profitable growth of the South African business.

Commenting on these changes, David McKeith, Acting Board Chair, said:

"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. I know that all Norcros shareholders, directors and staff will join me in thanking him profusely for everything he has done for the Group. We all wish him well for the future." 

"Thomas has been a key executive, in South Africa and now in the UK, throughout my time on the Norcros board. I am delighted to see his appointment to CEO from 1 April 2023. The Board has every confidence that he will build on Norcros's strong position and continue our growth trajectory."

Nick Kelsall commented: "It has been both a privilege and an honour to lead the Norcros business which has been a huge part of my life. Norcros has been transformed and is unrecognisable from the business that I joined 30 years ago. The business is in great shape with huge opportunities, and I am immensely grateful for the support of the very talented colleagues that I have worked with right across our business globally. I wish them every success for the future. I know they will continue to offer Thomas their full support and I am confident that the business will continue to prosper in the years ahead."

The Company will release its next trading update on 13 April 2023 post its year end on 31 March 2023.

Notes:

1. There are no disclosures concerning Thomas Willcocks to be made under Listing Rule 9.6.13.

2. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this Announcement contains inside information relating to directorate changes at Norcros plc. This Announcement is being made on behalf of the Company by Richard Collins, Group Counsel and Company Secretary.

3. Norcros plc's Legal Entity Identifier is 213800EIMJZZA1GBIE18

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Notes to Editors

Norcros is a market leading supplier of high quality and innovative bathroom and kitchen products with operations primarily in the UK and South Africa.

Based in the UK, Norcros operates under eight brands:

· Triton - Market leader in the manufacture and marketing of showers in the UK

· Merlyn - The UK and Ireland's No.1 supplier of shower enclosures and trays to the residential, commercial and hospitality sectors

· Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves

· Croydex - A market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories

· Abode - A leading niche designer and distributor of high quality kitchen taps, bathroom taps, and kitchen sinks

· Johnson Tiles - The leading manufacturer and supplier of ceramic tiles in the UK

· Norcros Adhesives - Manufacturer of tile and stone adhesives, grouts and related products

· Multipanel - Grant Westfield is a leading manufacturer of high-end waterproof bathroom wall panels

Based in South Africa, Norcros operates under four brands:

· Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitaryware, showers and adhesives

· Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles

· TAL - The leading manufacturer of ceramic and building adhesives

· House of Plumbing - Market leading supplier of specialist plumbing materials

Norcros is headquartered in Wilmslow, Cheshire and employs around 2,400 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com