Last checked at 18 Dec 2023 07:00
18 December 2023
Chief Financial Officer Appointment
Spirax-Sarco Engineering plc, the leading global thermal energy management and fluid technology solutions Group, is pleased to announce the Board has appointed Louisa Burdett as Chief Financial Officer (CFO) and Executive Director with effect from July 2024.
Louisa is a highly experienced CFO having led finance functions in several large companies including UK-listed Meggitt and Victrex. Louisa is currently Chief Financial Officer of Croda International Plc and serves as a Non-Executive Director and Audit Committee Chair of RS Group plc.
The search for the successor to Nimesh Patel began shortly after the announcement of Nimesh's appointment to Group Chief Executive, a role he will take up on 16 January 2024.
The Board is also pleased to confirm that Director of Group Finance, Phil Scott, will take up the role of Interim Chief Financial Officer with effect from 16 January 2024. Phil's current responsibilities include internal and external reporting, tax, treasury and pensions. He joined the Group in 2021 with more than 20 years experience of leading senior finance teams in Ferguson plc and Vodafone Group plc.
Jamie Pike, Chair, commented: "I look forward to welcoming Louisa to the Group and its Board of Directors in July. Louisa has an exceptional track record in leading finance for UK listed companies, together with related Non-Executive and sector experience that will be invaluable to the Board and Executive Leadership team as we progress on our journey towards creating sustainable value for all our stakeholders."
Nimesh Patel, added: "I am delighted that Louisa will be joining our Group next year. Her insights, borne off a long and successful career in some of the UK's leading industrial companies, as well as her strong values, will bring further strength and depth to the Group. I am really looking forward to working with Louisa, and our Executive Leadership colleagues, as we combine our respective knowledge, capabilities and energy to prepare for the opportunities we see ahead.
"Having worked closely with Phil, I appreciate his deep understanding of the Group and I am very pleased that he has agreed to act as CFO on an interim basis. Phil will support both the Board and the Executive Team from 16 January through to completion of an orderly handover to Louisa after our Half Year results."
There are no further disclosures to be made pursuant to Listing Rule 9.6.13.
Enquiries:
Mal Patel, Head of Investor Relations
Hazel Meldrum, Group Head of Communications
Tel: + 44 7881 359110
Jos Bieneman, Citigate Dewe RogersonTel: +44 7834 336650
Remuneration disclosures
Louisa Burdett will receive an annual salary of £550,000. She will be eligible to receive company pension contributions aligned to the UK wider workforce rate of 10% of salary and will be eligible to participate in the Annual Bonus Scheme and Performance Share Plan of up to 125% and 175% of salary respectively. In accordance with our shareholder approved remuneration policy, she will receive replacement awards to compensate her for those forfeited by joining the business. Consistent with our approach to recruitment as outlined in our Policy, these awards will be aligned with the amounts lost and the associated terms of the original award. Full details will be disclosed in our 2023 Directors' Remuneration Report.
There is no additional information to be disclosed pursuant to LR 9.6.13 R.
About Spirax?Sarco Engineering plc
Spirax?Sarco Engineering plc is a leading global thermal energy management and fluid technology solutions Group. It comprises three world?leading Businesses: Steam Specialties, for the control and management of steam; Electric Thermal Solutions, for advanced electrical process heating and temperature management solutions; and Watson-Marlow, for peristaltic pumping and associated fluid path technologies. The Steam Specialties and Electric Thermal Solutions Businesses provide a broad range of fluid control and process heating products, engineered packages, site services and systems expertise for a diverse range of industrial and institutional customers. Both businesses help their customers improve process efficiencies, meet environmental sustainability targets, improve product quality and enhance the safety of their operations. Watson?Marlow provides solutions for a wide variety of demanding fluid path applications with highly accurate, controllable and virtually maintenance-free pumps and associated technologies.
The Group is headquartered in Cheltenham (UK), has 40 strategically located manufacturing plants around the world and employs more than 10,000 people, including more than 2,100 direct sales and service engineers. The Company's shares have been listed on the London Stock Exchange since 1959 (symbol: SPX) and it is a constituent of the FTSE 100 and the FTSE4Good Indexes.
Further information can be found at www.spiraxsarcoengineering.com
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