Press
Release
Morgan
Advanced Materials plc
16th
January 2025
CEO Succession
& 2024 Trading
Update
Morgan Advanced Materials plc announces that
Pete Raby has informed the Board of his intention to retire as CEO
following a decade in the role. It is intended that Pete will be
stepping down as CEO and from the Board on 1st July 2025, but will
continue to provide support for the transition until the end of
August 2025.
The Board is delighted to announce that Damien
Caby, currently President of the Thermal Products Division, is
appointed CEO Designate. Damien has been selected following a
comprehensive process that considered internal and external
candidates, will join the Board on 8th May 2025, and
will assume the CEO role on 1st July 2025.
Pete Raby,
CEO, commented:
"It has been a privilege to lead Morgan over
the last decade and I would like to thank our superb people for
their commitment and support throughout that time. I look forward
to working with Damien and the team throughout the first half,
focusing on the delivery of a strong performance for the Group, and
on an orderly transition. With our leading market positions and
investments in new products and capacity, I am confident the
business is poised to deliver a period of faster organic growth and
margin expansion."
Ian Marchant,
Chair, added:
"I would like to thank Pete for his service
over the last ten years. He has transformed the Group and will
leave it with a clear direction, a robust financial position and
fully ready to exploit the opportunities for profitable growth in
our chosen end markets. He will be very much missed by the Board
and by his many long-standing colleagues throughout the
business."
"I am pleased that we have been able to appoint
Damien as a successor. He brings strong leadership capabilities and
international experience, having successfully led our Thermal
Products business for the last two years and having previously held
senior leadership roles in BASF and Imerys."
There are no other matters to be disclosed
under UK listing rule 6.4.8R in relation to Damien's
appointment.
2024 Trading
Update
Performance for the year to 31 December 2024
was in line with expectations. Sales were 3.6% higher for the Group
on an organic constant currency basis, compared to the same period
last year. Adjusted operating profit and net debt to adjusted
EBITDA were also in line with expectations. Our enhanced
simplification programme is on track, and our share buy-back
programme is progressing well with some £4.7m of shares
re-purchased to the end of December.
Full year results for the 12 month period
ending 31 December 2024 will be announced at 07:00 on Friday
28th February 2025.
For further
enquiries:
|
Pete Raby, CEO
Richard Armitage, CFO
|
Morgan Advanced Materials plc
|
01753 837000
|
|
Nina Coad
|
Brunswick
|
0207 404 5959
|
This announcement contains inside information.
The person responsible for arranging the release of this
announcement on behalf of Morgan Advanced Materials plc is Richard
Armitage, Chief Financial Officer. The Company's LEI number is
I4K14LL95N2PHDL7EG85.
Remuneration Arrangements
Damien Caby's remuneration arrangements have
been set in accordance with the Directors' Remuneration Policy. On
appointment, his annual salary will be €720,000. Full details will
be disclosed in the Morgan Advanced Materials 2024 Annual
Report.
Pete Raby's departure will be treated in
accordance with the Directors' Remuneration Policy and his service
contract. He will be treated as a good leaver for the purpose of
incentives. Full details will be disclosed on the Company's website
in compliance with Section 430(2B) of the Companies Act 2006 and in
the 2024 Annual Report.
