Last checked at 7 Aug 2013 10:00
News Release
Wednesday 7th August 2013
Board Changes
Spirax-Sarco Engineering plc, the world leader in the control and efficient use of steam and in peristaltic pumping, announces that Mark Vernon, Group Chief Executive, has indicated to the Board his desire and intention to retire in January 2014.
Commenting on Mark's retirement, Board Chairman, Bill Whiteley says:-
"On behalf of the shareholders, the Board acknowledges with gratitude the significant contribution to the Group's growth and prosperity made by Mark. Since early 2008 as Chief Executive, Mark has led the Group with distinction and successfully guided the Company through a challenging economic period, and meaningfully improved on the Group's record of strong and consistent growth. We understand his desire to retire back home to his native America and spend more time with family."
The Board is delighted to announce the appointment of Nick Anderson, currently responsible for the Company's steam business operations in Europe, the Middle East and Africa (EMEA), as Chief Operating Officer with immediate effect, and with a view to Nick taking over as Chief Executive when Mark Vernon retires. This appointment follows the completion of a comprehensive process to enable an orderly transition to a new Group Chief Executive assisted by external advisors Korn Ferry/Whitehead Mann.
Nick Anderson joined the Company in September 2011 bringing his broad experience in the industrial engineering industry to the Group, with an emphasis on international business operations and sales management. Nick has taken an active role as part of the Executive team and successfully engineered and implemented the restructuring of our European sales companies. Prior to joining the Company, Mr Anderson was Vice president of John Crane Asia Pacific, part of the Smiths Group plc, living in Singapore and also serving as a member of John Crane's Global Executive Board. Before that, he was President of John Crane Latin America and previously worked for Alcoa Aluminio in Argentina and Foseco Minsep Group plc in Brazil. Nick, an engineer by background, who grew up in South America, is a British and American citizen and is fluent in English, Spanish, Italian and Portuguese.
In his new role, Nick will be responsible for the day to day delivery of the Group's operating results. As such, the operating management of the Spirax Sarco and Watson-Marlow businesses will report to him. This appointment will allow a smooth handover prior to Mark's retirement.
Board Chairman, Bill Whiteley, comments further as follows:-
"Nick's appointment as Chief Operating Officer is part of the Board's ongoing succession plans. Nick brings extensive business experience to this position as well as clear strategic thinking. He has already made a significant contribution in leading the steam business in the challenging markets of the EMEA region."
Spirax Sarco will publish its half-year results on 8th August 2013.
Enquiries:
Bill Whiteley, Chairman
Mark E Vernon, Chief Executive
Tel: 01242 535234
Citigate Dewe Rogerson
Toby Mountford
Tel: 0207 638 9571 / 07710 356611
About Spirax Sarco
Spirax-Sarco Engineering plc is the world leader in both steam system management and peristaltic pumping. The Company provides a broad range of fluid control products, engineered packages, site services and systems expertise for its diverse range of over 100,000 industrial and institutional customers. The Company helps its customers to optimise production capacity, reduce energy costs and emissions, improve product quality and enhance the safety of their operations. Spirax Sarco is headquartered in Cheltenham, England, has strategically located manufacturing plants around the world and employs approximately 4,700 people, of whom around 1,300 are direct sales and service engineers. Its shares have been listed on the London Stock Exchange since 1959 (symbol: SPX). Further information can be found at www.spiraxsarcoengineering.com