Weir Group Regulatory News (WEIR)

Appointment of Chief Financial Officer

The Weir Group PLC, a global mining technology leader, is pleased to announce the appointment of Brian Puffer to the company's Board of Directors as Chief Financial Officer (CFO) and Executive Director. Brian will join the Board on 1 April 2024 at the latest.

Brian is currently Chief Financial and Risk Officer of BP plc Integrated Supply and Trading and has over 30 years' experience in driving commercial and financial performance in both industry and as a Partner in PwC.

Brian will succeed John Heasley who, as announced on 27 July 2023, will be leaving Weir to take up a new role as Finance Director of Anglo American plc. John will step down as Chief Financial Officer and resign from the Board on 30 November 2023.

Commenting on Brian's appointment, Barbara Jeremiah, Chair of The Weir Group said:

"The Board is delighted to appoint Brian as the Group's new CFO. He is an accomplished finance leader and with his broad experience, he will be a valuable asset to Weir. Brian joins our strong finance team at Weir and will provide leadership as we drive standardisation and simplification across the business. We look forward to welcoming him to the Board."

Jon Stanton, CEO of The Weir Group added:

"I am delighted that Brian is joining us at this exciting time for our business. He has an outstanding track record in senior finance roles within BP and, in particular, his extensive experience of business transformation will enable him to make an immediate contribution to Weir as we execute on our strategy and deliver the benefits of our Performance Excellence programme."

Commenting on his appointment, Brian Puffer said:

"It's great to be joining Weir, a true leader in its field with a compelling opportunity to create value from making mining more sustainable. I am looking forward to working with Jon and the rest of the team to deliver excellent outcomes for all our stakeholders."

Biography Brian Puffer will join Weir from BP plc where he is currently the Chief Financial and Risk Officer for BP Integrated Supply and Trading. Prior to that he was Senior Vice President of BP's Global Business Services between 2012 and 2017, having joined BP in 2009 as Senior Vice President of Group Finance (group financial controller). Prior to BP, Brian spent 18 years at PwC, initially in various roles in the US and UK before being appointed Partner in 2002. Brian is a dual British and American citizen and holds a Bachelor's degree in Accounting and Finance from Niagara University. He is a Certified Public Accountant and a Chartered Accountant.  

Notes Brian's remuneration arrangements have been set in accordance with our Directors' Remuneration Policy. His base salary will be £500,000 per annum with pension, benefits and incentives in-line with our current approach.

Brian will also be granted various RSU awards with expected vesting between February 2025 and November 2027 to compensate him for incentive awards that he is expected to forfeit on leaving his current employer. The aggregate face value of these buy-out awards is expected to be c.£2.9m (maximum value of c.£3.5m) but may vary depending on which awards are forfeited. These buy-out awards have been structured on a 'like for like' basis to reflect the time frames and key terms of the forfeited awards. Full details will be disclosed in the 2023 Annual Report.

The information required to be disclosed under section 430(2B) of the Companies Act 2006 in relation to John Heasley will be available on the Group's website in due course.

There are no other matters that require disclosure in relation to Brian Puffer under LR 9.6.13 of the UK Listing Rules.

About The Weir Group PLC

Founded in 1871, The Weir Group PLC is one of the world's leading engineering businesses with a purpose to make its mining and infrastructure customers' operations more sustainable and efficient. Weir's highly engineered technology enables critical resources to be produced using less energy, water and waste while reducing customers' total cost of ownership. The Group is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition. The Group has c.12,000 employees operating in over 60 countries with a presence in every major mining region of the world. Find out more at www.global.weir.

Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American Depositary Receipts trade over-the-counter in the USA (ticker: WEGRY).