Last checked at 8 Sep 2022 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
LEI: 213800VDC1BKJEZ8PV53 | 8 September 2022 |
SIG plc |
(the "Company" or "SIG") |
SIG CEO Steve Francis to be succeeded by Gavin Slark
SIG announces that following its successful turnaround and return to profitability, Steve Francis will step down as CEO early next year, after three years in his role. The Board is pleased to also announce that Gavin Slark has agreed to join the Company as Steve's successor.
Steve will continue to provide committed leadership as SIG's CEO until Gavin takes up his role on 1 February 2023. Steve will remain employed by SIG until 8 March 2023 and he has agreed to remain available as a consultant to the Company until 30 April 2023 to complete an orderly handover to Gavin.
Gavin has a long track record of success in the pan-European construction distribution industry, having been CEO of Grafton Group plc for 11 years. Prior to Grafton, Gavin held a number of roles with BSS plc including as CEO from 2006 to 2011. As previously announced by Grafton, Gavin will step down from his role as Grafton's CEO on 31 December 2022.
Commenting on the announcement, SIG's Chairman Andrew Allner said "Steve joined SIG in February 2020 at a time of huge uncertainty for the Company. It is to his tremendous credit that Steve not only steadied the ship but went on to lead SIG out of turnaround and delivered a return to growth. It has been a pleasure to work with Steve, including in the decisions regarding the timing of this leadership transition. The Board wishes to publicly recognise Steve's significant contribution to SIG and to record its thanks to him."
"Gavin's proven track-record of delivering shareholder value in our industry made him the stand-out candidate to succeed Steve, and the Board is delighted that he will be joining us as CEO early next year. We look forward to working with him to continue SIG's growth and development."
Steve Francis commented "I am proud that I will leave SIG as a growing and successful business. It is in a far stronger financial and operational position than it was when I joined early in 2020. I would like to thank my colleagues across the business, from the Boardroom to our branches and warehouses, for their dedication and commitment during my tenure. I am very pleased that Gavin will be my successor, he is an ideal person to carry forward the Company's momentum and to build SIG for the future."
Gavin Slark said "Following the announcement that I would be stepping down from Grafton, I had anticipated a period without an executive role. However, SIG is a company I have followed for many years, and therefore when the opportunity arose to become its CEO, I was delighted to put my name forward. I was very pleased to see the progress SIG has made under Steve's leadership and I look forward to continuing this journey. I am hugely enthusiastic to be taking up the role as SIG's CEO and am excited by the opportunities for the business in the years to come."
Save as set out below, there are no other disclosures required in respect of this appointment pursuant to Listing Rule 9.6.13 (1) to (6).
SIG plc |
| +44 (0) 114 285 6300 | |
Andrew Allner | Chairman | ||
FTI Consulting |
| +44 (0) 20 3727 1340 | |
Richard Mountain | |||
Peel Hunt LLP - Joint broker to SIG | +44 (0) 20 7418 8900 | ||
Mike Bell / Charles Batten | |||
Investec Bank plc - Joint broker to SIG | +44 (0) 20 7597 5970 | ||
Bruce Garrow / David Anderson |
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The person responsible for arranging the release of this announcement on behalf of the Company is Andrew Watkins, Group General Counsel & Company Secretary.
Notes to editors
· Gavin Slark has been Chief Executive Officer of Grafton Group plc since 2011. In 2011, Grafton made underlying operating profits of c.€57m on revenue slightly in excess of €2bn. In 2021, it generated revenues of c.£2.11bn on which it made an adjusted operating profit of c.£288m
· Gavin Slark will join SIG on a base salary of £675,000 plus an allowance in lieu of pension contribution of 5%. His base salary has been set at this level to reflect his total remuneration at Grafton. His annual bonus and RSP opportunity will be in line with the Directors' Remuneration Policy
· Details of outstanding remuneration payments due to Steve Francis will be disclosed on SIG's website in accordance with section 430(2B) of the Companies Act 2006. He will not receive any payment for loss of office
· Gavin Slark is currently a Non-Executive Director of Galliford Try Holdings plc, a UK housebuilding and construction group