Essentra plc Appointment of New Chief Executive (5063B)
03 October 2022 - 5:05PM
UK Regulatory
TIDMESNT
RNS Number : 5063B
Essentra plc
03 October 2022
ESSENTRA PLC
A leading global provider of essential components and
solutions
APPOINTMENT OF NEW CHIEF EXECUTIVE
Following the successful completion of the Group's strategic
reviews of the Filters and Packaging divisions, Essentra plc ("the
Company") announces that Paul Forman has decided to step down from
his role as Chief Executive of the Company at the end of the
current financial year on 31 December 2022. Paul will be succeeded
by Scott Fawcett who is currently the Managing Director of
Essentra's Components division. Scott will join the Board on 1
January 2023.
Paul has overseen the successful transformation of the Group. He
joined Essentra in 2017 and embarked on a "stability, strategy,
growth" journey refocusing the Group on its core divisions and
restoring them to long-term revenue and profit growth. This
strategy led to the creation of three leading standalone global
businesses with exciting growth prospects in their respective
markets. 2021 marked a new chapter for the Group as the Board
announced that Essentra would review the strategic options for
Packaging and Filters with the view to becoming a pure play
components business. The strategic reviews concluded that the sale
of both businesses would be in the best interest of
shareholders.
Paul will work closely with Scott and the Board to ensure a
smooth transition and support the transition to a pure play
components business.
Scott Fawcett was appointed as Managing Director of the
Components division in 2017. He joined Essentra Components in 2010
as Managing Director of the European business and subsequently
joined the Group Management Committee in 2014, leading the
Components global strategy. Over the last twelve years, Scott has
led the transformation of the Components business from a product
led to service led business, enhancing Essentra's customer
proposition and delivering a decade of growth supported by the
acquisition of nine businesses.
Commenting on the change announced today, Paul Lester, Chairman,
said:
"The Board and I would like to thank Paul for his outstanding
contribution to Essentra during his tenure as CEO. Under his
careful stewardship and excellent leadership, the Group has been
transformed from a weak state and restored to long term profitable
growth. All this - and material growth in profitability - has been
achieved despite multiple external headwinds in recent years. Paul
will leave the Board with our very best wishes and our sincere
thanks and appreciation for all that he has achieved.
Following a thorough review, the Nominations Committee
unanimously recommended to the Board that Scott be appointed as the
Company's new Chief Executive. Scott has extensive knowledge and
experience of the Components business and a successful track record
of developing and expanding the division both organically and
through acquisition.
I look forward to continuing to work with Scott as the Company
embarks on the new phase of its journey."
Paul Forman said:
"It has been a huge privilege to be part of the Essentra family,
and I am immensely proud of all that we have achieved. Scott's
leadership has been instrumental in the successful growth and
development of the Components business in recent years. I am
confident that he has the right skills and relevant experience to
lead Essentra through the next stage of its development and will
continue to drive the Company forwards. Finally - but most
importantly - I would like to thank all of my colleagues across the
world for their hard work, friendship and commitment through times
of change and extreme challenge. They should all be truly proud of
what they have achieved and excited by the opportunities each of
the three world class businesses have."
Scott Fawcett said:
"I am delighted to be taking on my new role to lead Essentra at
a pivotal point in the Company's journey. I would like to thank
Paul for his support in establishing the Components growth strategy
and his mentorship and guidance throughout his tenure and wish him
well for the future.
The Components division has a well-established and successful
business model which underpins our proven strategy of growth. I
look forward to evolving the business as a global leading
manufacturer and distributor of components with a clear strategy,
and significant opportunities to accelerate growth organically and
inorganically to expand market share."
Capital Markets Event
Essentra plc will hold a Capital Markets Event for investors and
analysts on 9 November 2022. The management team will be joined by
a range of senior leaders from across Components to provide further
detail on the strategy as the Company moves forward as a global
leading manufacturer and distributor of components.
The Capital Markets Event will start at 8.30am UK time at Peel
Hunt LLP, 7th Floor, 100 Liverpool St, London EC2M 2AT.
There are two options for participating in the event:
1. To attend the event in person, please e-mail your details to investorrelations@essentra.com
2. To join the live webcast of the presentation, please pre-register at: https://www.essentraplc.com/en/investors/company-information/webcasts-and-presentations
A recording of the webcast will be made available on the
Company's website later in the day.
No new material financial information will be disclosed.
Investor enquiries Media enquiries
Essentra plc Tulchan Communications LLP
Jack Clarke, Chief Financial Officer Olivia Peters
Claire Goodman, Group Investor Relations Lisa Jarrett-Kerr
Manager Tel: +44 (0)20 7353 4200
Emma Reid, Head of Governance
Tel: +44 (0)1908 359100
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