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24 Jun 2024 07:00
Stelrad Group plc
Directorate Change
Stelrad Group plc ("Stelrad" or "the Group" or "the Company", LSE: SRAD) announces today that Annette Borén will step down as Chief Financial Officer and Executive Director of the Board by mutual consent, with effect from 30 June 2024, and will leave the business on 12 July 2024.
Leigh Wilcox will assume the role of Interim Chief Financial Officer with effect from 1 July 2024.
Leigh is currently Group Finance Director and joined the company in 2012. He has deep commercial understanding of the Group alongside extensive financial experience.
A process to appoint a permanent successor will commence in due course.
As outlined by the Group in its AGM trading update on 22 May 2024, the Group's financial performance year-to-date has remained in line with management expectations, and the full year outlook for the Group remains unchanged from that outlined in its 2023 results presentation on 8 March 2024.
Bob Ellis, Chair of Stelrad, said:
"On behalf of the Board, I would like to thank Annette for her positive contribution during her time with Stelrad and she leaves with our best wishes in her future endeavours. We are very pleased to confirm that Leigh will act as Interim Chief Financial Officer. His extensive knowledge of the business and strong relationships within the management team will be invaluable as we continue to drive the commercial and strategic focus of the Group."
Annette Borén's remuneration and severance terms will be in line with her service agreement and the Remuneration Policy.
There is no other information to be disclosed under Listing Rule 9.6.13 in respect to Annette Borén.
-ENDS-
Enquiries
Stelrad Group plc Trevor Harvey, Chief Executive Officer
| +44 (0)191 261 3301 |
Powerscourt James White / Pete Lambie |
+44 (0)7855 432 699 stelrad@powerscourt-group.com |
Notes to Editors
Stelrad Group plc is a leading specialist radiator manufacturer, selling an extensive range of hydronic, hybrid, dual fuel and electrical heat emitters to more than 500 customers in over 40 countries. These include standard, premium and low surface temperature (LST) steel panel radiators, towel warmers, decorative steel tubular, steel multicolumn and aluminium radiators.
The Group has five core brands: Stelrad, Henrad, Termo Teknik, DL Radiators and Hudevad. In the countries reported by BRG Building Solutions in 2023 to date, Stelrad moved into a market leadership position, with 18.5% share by volume of the combined UK, European and Turkish steel panel radiator market. The Group is now market leader in six countries - the UK, Ireland, France, the Netherlands, Belgium and Denmark, with a top 3 position in a further five territories.
Stelrad is headquartered in Newcastle upon Tyne in the UK and in 2023 employed 1,400+ people, with manufacturing and distribution facilities in Çorlu (Turkey), Mexborough (UK), Moimacco (Italy) and Nuth (Netherlands), with further commercial and distribution operations in Kolding (Denmark) and Krakow (Poland).
The Group's origins date back to the 1930s and Stelrad enjoys long established commercial relationships with many of its customers, having served each of its top five current customers for over twenty years.
Further information can be found at: https://stelradplc.com/.
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