REG - Spirax-Sarco Engng - Board Succession

SpiraxAnnouncement

29/05/2024 08:45

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RNS Number : 1719Q  Spirax-Sarco Engineering PLC  29 May 2024

 

News Release
 
29 May 2024

 

Board Succession

 

Spirax Group plc announces the following Board changes in accordance with its
ongoing succession planning.

 

As previously announced, Jamie Pike will retire from the Board on 31 December
2024, having served as a Non-Executive Director since 2014 and as Chair since
2018.  The Board agreed with Jamie that he would serve as Chair until no
later than the end of 2024 in order to ensure a successful handover of Group
CEO responsibilities from Nick Anderson to Nimesh Patel and to facilitate an
appropriate handover to the incoming Chair.

 

Tim Cobbold will join the Board as a Non-Executive Director and Chair
Designate with effect from 1 September 2024 and will take over as Chair of the
Board and Nomination Committee on 1 January 2025.  Tim's appointment is
subject to election as a Director at the Company's AGM to be held in May 2025.

 

In accordance with the Code, Tim's proposed appointment follows a rigorous
selection and interview process, which included independent advice from
external consultants.  Tim will continue as Chair of TI Fluid Systems plc
and, as announced today by Rotork plc (Rotork), he will be stepping down as a
Director of Rotork with effect from 31 December 2024.

 

Commenting on Jamie Pike's retirement, Nimesh Patel, Group Chief Executive
Officer, said:

 

"We are grateful to Jamie for his contribution over the last decade to
establish our Group's strong foundations, leaving us well positioned for the
future.  In his role as Chair, Jamie's leadership has been vital in guiding
the business through significant change, earning him the respect of our
stakeholders, including our shareholders and our colleagues. I would also like
to thank Jamie for his support as I took up the role of Group CEO.

 

"We are delighted that Tim will be joining our Board later this year.  Tim's
broad business experience with global industrial companies, as well as his
experience as CEO of three FTSE listed businesses with a strong track record
of value creation through growth and operational delivery, will benefit the
further development of Spirax Group.  I look forward to working with him as
we continue to evolve our Group."

 

 

 

Commenting on his retirement and Tim's proposed appointment, Jamie Pike,
Chair, said:

 

"It has been a pleasure to serve both the shareholders and the Company, as
well as to see the Group make significant progress.  I leave Spirax Group
well positioned for the future, as a stronger, more balanced and more
sustainable Group of three leading and solutions-focused Businesses.  I am
confident that Spirax Group will continue to go from strength to strength
under the leadership of the Board and Group Executive Committee and with the
support of colleagues worldwide who all have my very best wishes for the
future."

 

Remuneration disclosures:

 

Tim Cobbold will receive a pro rata standard Non-Executive fee of £70,000 for
the period 1 September 2024 to 31 December 2024 and, as Chair from 1 January
2025, an annual fee of £400,000.

 

There is no additional information to be disclosed pursuant to LR 9.6.13 R.

 

Enquiries:

 

Spirax Group:
 
+44 (0) 1242 535 000

Mal Patel, Head of Investor
Relations
investors@spiraxgroup.com (mailto:investors@spiraxgroup.com)

Hazel Meldrum, Group Head of Communications
communications@spiraxgroup.com (mailto:communications@spiraxgroup.com)

 

Teneo:
 
+44 (0) 20 7260 2700

Martin
Robinson
spiraxgroup@teneo.com

 

 

Notes to Editors:

Biography of Tim Cobbold

Tim was the Chief Executive Officer of UBM plc, De La Rue plc and Chloride
Group plc. He is currently Chair of TI Fluid Systems plc. He will be the
Senior Independent Director and Chair of the Remuneration Committee at Rotork
plc until 31 December 2024. Tim is a Fellow of the ICAEW and holds a BSc,
Mechanical Engineering, from Imperial College, London.

 

About Spirax Group

Spirax Group is positioned to play a critical role in enabling the industrial
transition to net zero, aligned to our Purpose to create sustainable value for
all our stakeholders as we engineer a more efficient, safer and sustainable
world.  We put solving customers' problems at the heart of our 'total
solutions' approach. Our global thermal energy and fluid technology solutions
improve operating efficiency and safety in our customers' critical industrial
processes. Our decarbonisation solutions use proprietary technologies to
eliminate scope 1 and 2 greenhouse gas emissions* by electrifying boilers for
the raising of steam, as well as the electrification of other critical
industrial process heating applications.

Spirax Group comprises three strong and aligned Businesses: Steam Thermal
Solutions helps customers control and manage steam within their mission
critical industrial applications, such as cleaning, sterilising, cooking and
heating.  We are helping to put food safely on the world's tables and keeping
our hospitals running. Electric Thermal Solutions has proprietary technologies
that deliver electrification solutions at scale in industrial settings,
including for the raising of steam, supporting our customers to achieve their
net zero goals. We also deliver freeze protection and defrost solutions
critical to aviation and space industries and ensure thermal uniformity in
Semiconductor chip manufacturing to power the critical electronic systems we
rely on.  Watson‐Marlow Fluid Technology Solutions is optimising the
efficient use of resources and supporting advancements in global health, such
as lifesaving vaccines and gene therapies.

Spirax Group is headquartered in Cheltenham (UK). We have 37 strategically
located manufacturing plants around the world and are committed to creating a
safe and inclusive working culture for our 10,000 colleagues, operating in 66
countries and serving 110,000 customers globally.  The Company's shares have
been listed on the London Stock Exchange since 1959 (symbol: SPX) and we are a
constituent of the FTSE 100 and the FTSE4Good Indexes.

*When connected to a green electricity source.

 

 

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