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16 Dec 2013 08:30
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NewsΒ Release
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Monday 16th DecemberΒ 2013
Board Succession Changes
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Spirax-SarcoΒ Engineering plc, theΒ worldΒ leader inΒ theΒ control andΒ efficient use of steam and in peristaltic pumping, announces the following Board succession changes.
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The Board is pleased to announce that Nick Anderson will be appointed as Chief Executive Officer on 16thΒ January 2014, taking over from Mark Vernon, who will be retiring in January. These changes are as envisaged in our previous announcement on 7th August 2013.
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Board Chairman, Bill Whiteley says:-
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"I am delighted to confirm Nick's appointment as Group Chief Executive, after a successful handover period. Nick brings extensive international business experience, particularly in marketing, as well as clear strategic thinking. He has already made a significant contribution in leading the steam business in the challenging EMEA markets and has performed well in his role as Chief Operating Officer."
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"At the same time, I would like to repeat our thanks to Mark Vernon. Mark has led the Group with distinction and successfully guided the Company through a challenging economic period since 2008 and meaningfully improved on the Group's record of strong and consistent growth. We wish him well in his retirement as he returns to his native America."
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We also announce today that Gareth Bullock, who is currently a Non-Executive Director, has advised the Board that he does not intend to seek re-election at the next Annual General Meeting. Mr Bullock will have completed nine years as a Non-Executive Director, which is the maximum period of tenure for assured independence as set out in the UK Corporate Governance Code 2012 (B.1.1). He will remain as Senior Independent Director until the 2014 Annual General Meeting. TheΒ Board would like to thank Gareth for his significant contribution and thoughtful counsel over many years.
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In consequence of Mr Bullock stepping down, the Board is pleased to announce that DrΒ KrishnamurthyΒ Rajagopal, who is currently a Non-Executive Director, will take over as Chairman of the Remuneration Committee, with effect from 1st January 2014. In addition, the Nomination Committee is engaged in a comprehensive search for a Non-Executive Director to join the Board, assisted by external advisors Korn Ferry/Whitehead Mann.
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Enquiries:
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Bill Whiteley, Chairman
MarkΒ EΒ Vernon, Group Chief Executive
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Tel: 01242Β 535234
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Citigate DeweΒ Rogerson
Toby Mountford
Tel: 0207Β 638Β 9571Β /Β 07710Β 356611
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AboutΒ SpiraxΒ Sarco
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Spirax-SarcoΒ EngineeringΒ plc isΒ theΒ worldΒ leaderΒ in bothΒ steamΒ systemΒ managementΒ andΒ peristalticΒ pumping.Β TheΒ CompanyΒ provides a broadΒ rangeΒ of fluidΒ controlΒ products,Β engineeredΒ packages,Β siteΒ servicesΒ and systemsΒ expertiseΒ for its diverseΒ rangeΒ of overΒ 100,000 industrialΒ andΒ institutionalΒ customers. TheΒ CompanyΒ helpsΒ itsΒ customersΒ to optimiseΒ productionΒ capacity,Β reduce energyΒ costsΒ and emissions,Β improveΒ productΒ qualityΒ and enhanceΒ theΒ safetyΒ of theirΒ operations. SpiraxΒ SarcoΒ isΒ headquarteredΒ inΒ Cheltenham,Β England, has strategicallyΒ locatedΒ manufacturingΒ plantsΒ aroundΒ theΒ worldΒ and employsΒ approximatelyΒ 4,700Β people,Β of whomΒ aroundΒ 1,300Β are directΒ salesΒ and serviceΒ engineers. Its sharesΒ haveΒ beenΒ listedΒ onΒ theΒ London StockΒ ExchangeΒ since 1959Β (symbol: SPX). Further informationΒ canΒ beΒ foundΒ atΒ Β www.spiraxsarcoengineering.com
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