TIDMPLP
RNS Number : 0236G
Polypipe Group PLC
24 May 2017
Polypipe Group plc
24 May 2017
David Hall, Chief Executive Officer, to retire and to be
succeeded by Martin Payne, Chief Financial Officer
Polypipe Group plc ("Polypipe" or the "Group") a leading
manufacturer of plastic piping and ventilation systems for the
residential, commercial, civils and infrastructure sectors, today
announces that David Hall has decided to retire from Polypipe and
his role as Chief Executive Officer (CEO), effective 2 October
2017. He will be succeeded by Martin Payne, currently Polypipe's
Chief Financial Officer (CFO).
David has been the Chief Executive Officer of the Company since
2005, leading Polypipe's strategy and playing an integral role in
the Group's growth and development, including its successful
listing on the London Stock Exchange in 2014.
Martin has been the Chief Financial Officer at Polypipe Group
plc since May 2016. Previously, Martin served as Group Finance
Director at Norcros plc, a leading supplier of branded showers,
taps, bathroom accessories, tiles and adhesives. He is a Fellow of
the Chartered Institute of Management Accountants and his previous
experience includes holding senior positions at JCB, the
construction equipment manufacturer, and at IMI plc, the
British-based engineering company.
Polypipe is also pleased to announce today the appointment of
Glen Sabin to a newly created position of Chief Operating Officer,
effective 2 October 2017. In this role, Glen will be responsible
for the operations of the Group, reporting to Martin, and will sit
on the Board. Glen has been a member of the Executive Committee
since 2005, most recently as Divisional Head of Polypipe's UK
plumbing and drainage businesses since January 2014 and prior to
that as Managing Director of its Civils business from 2004. He has
40 years' experience in the construction sector starting as an
engineer with George Wimpey and 22 years with Marshalls plc.
A process to appoint a replacement Chief Financial Officer is
underway. Martin will continue to oversee the finance function
until a permanent successor is appointed.
Ron Marsh, Chairman, said:
"David has played a pivotal role in building Polypipe into the
successful business it is today and, on behalf of the Board, I
would like to thank him for his invaluable contribution to the
business and wish him the very best for the future. The Board
conducted a thorough search for his successor, using third party
advisers and including external candidates, and agreed that Martin
was the outstanding choice. His leadership, financial and
operational skills, together with his significant experience of
public markets and manufacturing of building products, are a great
asset to the Company. In Martin and Glen we have a very high
calibre leadership team to take Polypipe forward."
David Hall, Chief Executive Officer, said:
"It has been a huge privilege to lead Polypipe over the past 12
years through both private ownership and a successful stock market
listing in April 2014. I am extremely proud of the people within
Polypipe and what they have achieved and am confident that
shareholders can continue to rely on their capability and
enthusiasm going forward. I am delighted that the Board has decided
that Martin should succeed me as CEO and that Glen will join the
board as COO. Together they have deep knowledge of the business and
the industry, possessing the skills and expertise to drive the
future development of Polypipe."
Martin Payne, Chief Financial Officer, said:
"I am honoured and delighted to have been chosen to lead
Polypipe through the next phase of its development. We have
talented and committed people across the Group, and I am excited to
be working with them to build on the success achieved over recent
years."
There is no information required to be disclosed in accordance
with Listing Rule 9.6.13.
This announcement contains information, which prior to its
disclosure, was considered inside information for the purposes of
Article 7 of Regulation (EU) No. 596/2014 (MAR).
For further information, please contact:
Polypipe +44 (0) 1709 770 000
David Hall, Chief Executive Officer
Martin Payne, Chief Financial Officer
Brunswick +44 (0) 20 7404 5959
Mike Smith
Will Rowberry
A copy of this announcement will be available on our website
http://ir.polypipe.com today from 0700hrs (BST).
Notes to Editors:
Polypipe is the largest manufacturer in the UK, and among the
ten largest manufacturers in Europe, of plastic piping systems for
the residential, commercial, civils and infrastructure sectors by
revenue. It is also a leading designer and manufacturer of energy
efficient ventilation systems in the UK.
The Group operates from 20 facilities in total, and with over
20,000 product lines, manufactures the UK's widest range of plastic
piping systems for heating, plumbing, drainage and ventilation. The
Group primarily targets the UK, French and Irish building and
construction markets with a presence in Italy and the Middle East
and sales to specific niches in the rest of the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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