News Release
Monday 16th December 2013
Board Succession Changes
Spirax-Sarco Engineering plc, the world leader in the control and efficient use of steam and in peristaltic pumping, announces the following Board succession changes.
The Board is pleased to announce that Nick Anderson will be appointed as Chief Executive Officer on 16th January 2014, taking over from Mark Vernon, who will be retiring in January. These changes are as envisaged in our previous announcement on 7th August 2013.
Board Chairman, Bill Whiteley says:-
"I am delighted to confirm Nick's appointment as Group Chief Executive, after a successful handover period. Nick brings extensive international business experience, particularly in marketing, as well as clear strategic thinking. He has already made a significant contribution in leading the steam business in the challenging EMEA markets and has performed well in his role as Chief Operating Officer."
"At the same time, I would like to repeat our thanks to Mark Vernon. Mark has led the Group with distinction and successfully guided the Company through a challenging economic period since 2008 and meaningfully improved on the Group's record of strong and consistent growth. We wish him well in his retirement as he returns to his native America."
We also announce today that Gareth Bullock, who is currently a Non-Executive Director, has advised the Board that he does not intend to seek re-election at the next Annual General Meeting. Mr Bullock will have completed nine years as a Non-Executive Director, which is the maximum period of tenure for assured independence as set out in the UK Corporate Governance Code 2012 (B.1.1). He will remain as Senior Independent Director until the 2014 Annual General Meeting. The Board would like to thank Gareth for his significant contribution and thoughtful counsel over many years.
In consequence of Mr Bullock stepping down, the Board is pleased to announce that Dr Krishnamurthy Rajagopal, who is currently a Non-Executive Director, will take over as Chairman of the Remuneration Committee, with effect from 1st January 2014. In addition, the Nomination Committee is engaged in a comprehensive search for a Non-Executive Director to join the Board, assisted by external advisors Korn Ferry/Whitehead Mann.
Enquiries:
Bill Whiteley, Chairman
Mark E Vernon, 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 both steam system management and peristaltic pumping. The Company provides a broad range of fluid control products, engineered packages, site services and systems expertise for its diverse range of over 100,000 industrial and institutional customers. The Company helps its customers to optimise production capacity, reduce energy costs and emissions, improve product quality and enhance the safety of their operations. Spirax Sarco is headquartered in Cheltenham, England, has strategically located manufacturing plants around the world and employs approximately 4,700 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
