Last checked at 27 Oct 2015 07:00
News Release
Tuesday 27th October 2015
Board Change
Spirax-Sarco Engineering plc, the world leader in the control and efficient use of steam, and in peristaltic pumping and associated fluid path technology announces that David Meredith, Group Finance Director and Executive Director, has informed the Board of his desire and intention to retire from the Group after 27 years of service. David will retire at the AGM on 10th May 2016. David joined the Company in 1988 and was appointed to the Board in 1992; he will have served in his current post for nearly 24 years.
Commenting on David's retirement, Bill Whiteley, Board Chairman, said:
"On behalf of the shareholders, the Board acknowledges with gratitude the significant contribution to the Group's growth and prosperity made by David over multiple economic cycles. We understand David's desire to step down in 2016 from a full time executive role and retire after such a long and successful period of service."
We are pleased to announce that Kevin Boyd will join the Company on 11th April 2016 and succeed David Meredith as Group Finance Director and Executive Director on 10th May 2016, allowing a period of handover. Kevin (51) is both a Chartered Accountant and a Chartered Engineer and is currently and has been since 2006 Group Finance Director for Oxford Instruments plc, the leading provider of high technology instrumentation with sales broadly spread around the world across a number of sectors. Oxford Instruments is listed on the London Stock Exchange. Previous experience included Group Finance Director of Radstone Technology plc and before that he held senior finance positions within the TI Group (now Smiths Group plc). Mr. Boyd is a Non-Executive Director of EMIS Group plc. There are no matters which require disclosure in respect of Mr. Boyd in accordance with Listing Rule 9.6.13 (2) to (6).
Nicholas Anderson, Group Chief Executive, said:
"During his time with the Company, David's knowledge and experience has been instrumental in helping to guide the business through significant changes and challenges and in its continuous growth and prosperity, earning him the highest respect from shareholders, the Board and colleagues. We thank him and wish him the very best in this new chapter of his life."
"I am delighted to welcome Kevin to Spirax Sarco as David's successor. Kevin is a highly experienced Finance Director with a strong international track record across a number of sectors. Kevin also has considerable experience operating at a senior level in public companies. I look forward to working closely with Kevin on the Spirax growth journey ahead".
Enquiries:
Bill Whiteley, Chairman
Nicholas Anderson, Group 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 each of its two businesses, Spirax Sarco for steam specialties and Watson-Marlow Fluid Technology Group for niche peristaltic pumps and associated fluid path technologies. The steam specialties business provides a broad range of fluid control products, engineered packages, site services and systems expertise for a diverse range of industrial and institutional customers. The company helps its customers to improve production efficiency, reduce energy costs, water usage and emissions, improve product quality and enhance the safety of their operations. Watson-Marlow Fluid Technology Group offers the ideal solution 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, England, has strategically located manufacturing plants around the world and employs approximately 4,800 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