TIDMSPX
RNS Number : 7982E
Spirax-Sarco Engineering PLC
14 February 2018
News Release
14th February 2018
Board Succession Changes
Spirax-Sarco Engineering plc, the world leader in the control
and efficient use of steam, electrical thermal energy solutions,
and peristaltic pumping and associated fluid path technologies,
announces the following Board changes in accordance with its
ongoing succession planning.
Our Chairman, Bill Whiteley, has indicated his intention to
retire from the Board after the Annual General Meeting on 15th May
2018 (AGM). Bill has served as a Director for 16 years and as
Chairman for the past nine years.
It is proposed that Jamie Pike, the current Senior Independent
Director and who joined the Board in 2014, will take over as
Chairman with effect from the close of the AGM. As a consequence of
Jamie's appointment, it is also proposed that Clive Watson be
appointed as the Senior Independent Director. Clive will continue
as Chairman of the Audit Committee. All appointments are subject to
the re-election of Directors at the AGM.
In accordance with the UK Governance Code 2016 (Code), Jamie
Pike's proposed appointment follows a rigorous selection and
interview process, which included independent advice from external
consultants, Korn Ferry. Jamie will continue as Chairman of RPC
Group plc and, as announced today by Ibstock plc, he will be
stepping down as their Chairman and as a Director at the next
Ibstock plc Annual General Meeting on 24th May 2018. This will
bring his total FTSE Board Chairmanships to two and, therefore, the
Board is satisfied that Jamie will have the time and capacity to
fulfil his duties as Chairman of Spirax-Sarco Engineering plc. Two
FTSE Chairmanships is also compliant with the 2017 proxy advisor
voting guidelines including those issued by Institutional
Shareholder Services and Glass Lewis.
Jamie Pike will, on appointment as Chairman, resign as a member
of the Audit Committee and the Remuneration Committee in compliance
with the Code. He will Chair the Board and the Nomination
Committee.
In anticipation of these changes, good progress has been made in
the recruitment of an additional Independent Non--Executive
Director, which will be announced shortly.
Commenting on Bill Whiteley's retirement, Nicholas Anderson,
Group Chief Executive, said:
"On behalf of our shareholders the Board acknowledges with
gratitude Bill's significant contribution to the Group's growth and
prosperity over the last 16 years. In his role as Chairman, Bill's
leadership has been vital in guiding the business through
significant changes and challenges, earning him the highest respect
from shareholders, the Board and colleagues."
Commenting on his retirement and Jamie Pike's proposed
appointment, Bill Whiteley, Chairman, said:
"It has been a pleasure to serve the shareholders and the
Company for 16 years and, over this time, to see the Group make
significant progress. Everyone at Spirax Sarco has my best wishes
for the future and I am confident that the Company will continue to
go from strength to strength.
Jamie's broad industrial engineering and international business
experience will benefit the further development of the Group. His
skills and experience place him in an ideal position to act as our
Chairman."
Notes to Editors:
Biography of Bill Whiteley
Until his retirement in 2008, Bill Whiteley was Chief Executive
of Rotork plc, where he had been a Director since 1984. Bill has
been awarded an honorary Doctorate of Engineering by the University
of Bath.
Biography of Jamie Pike
Jamie Pike joined Burmah Castrol in 1991 and was Chief Executive
of Burmah Castrol Chemicals before leading the Foseco buy-out in
2001 and its subsequent flotation in 2005. Prior to joining Burmah,
he was a partner at Bain & Company. Jamie was educated at
Oxford, holds an MBA from INSEAD and is a Member of the Institute
of Mechanical Engineers. He is Chairman of RPC Group plc and, until
24th May 2018, Chairman of Ibstock plc.
Biography of Clive Watson
Clive Watson held several tax and finance roles before joining
Black & Decker in 1988 as Director of Tax and Treasury Europe.
He was later appointed Vice-President of Business Planning and
Analysis in the USA. Clive then joined Thorn Lighting as Group
Finance Director before working for Borealis as Chief Financial
Officer and Executive Vice-President of Business Support. Clive is
an Executive Director and Group Finance Director of Spectris plc.
He is a member of the Institute of Chartered Accountants and the
Chartered Institute of Taxation.
Enquiries:
Nicholas Anderson, Group Chief Executive
Tel: 01242 535234
Andy Robson, General Counsel
Tel: 01242 535276
About Spirax Sarco
Spirax-Sarco Engineering plc comprises two world-leading
businesses, Spirax Sarco for steam and electrical thermal energy
solutions and Watson-Marlow Fluid Technology Group for niche
peristaltic pumps and associated fluid path technologies. Spirax
Sarco provides a broad range of fluid control and electrical
process heating products, engineered packages, site services and
systems expertise for a diverse range of industrial and
institutional customers. The business helps its end users to
improve production efficiency, reduce energy costs, water usage and
emissions, improve product quality and enhance the safety of their
operations. Watson-Marlow Fluid Technology Group offers the ideal
solution for a wide variety of demanding fluid path applications
with highly accurate, controllable and virtually maintenance free
pumps and associated technologies. The Group is headquartered in
Cheltenham, England, has strategically located manufacturing plants
around the world and employs approximately 7,250 people, of whom
over 1,600 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
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