TIDMSPX
RNS Number : 5708I
Spirax-Sarco Engineering PLC
08 August 2023
News Release
Tuesday 8th August 20 23
Group Chief Executive Succession
Spirax-Sarco Engineering plc, the leading global thermal energy
management and fluid technology solutions Group , ann ou n ces that
Nicholas Anderson, G r o up Chief Ex e c utive, has indicated to
the Board his d e sire and intention to retire in early 2024, upon
completion of ten years in this role.
Com menting on Nick's retirement, Board Chair, Jamie Pike said
:
"T he Board ac k n ow le dges with gratitude Nick's s ignificant
co ntribution to the G r o up's gr owth and pr os perity. Nick has
led the G r o up with distin ction and meaningfully impr o ved on
the G r o up's long r e co rd of co n s i stent and quality gr ow t
h. Under Nick's leadership, Group sales and profits grew by a
multiple of over 2.5, the number of our colleagues has doubled and
the market capitalisation has nearly quadrupled, firmly
establishing our Group as a constituent of the FTSE100 Index. More
than half of this growth was organic, with the balance coming from
successful acquisitions that strengthened and enhanced the Steam
Specialties and Watson-Marlow Businesses, as well as established
our Electric Thermal Solutions (ETS) Business. Nick also leaves our
Group with firmly embedded Sustainability strategies, Inclusion and
Equity programmes, as well as successful leadership and talent
development programmes that contributed to the selection of a
strong internal successor. We wish Nick every success in his future
Non-Executive career."
The Board is delighted to announce that Nimesh Patel is
appointed Group Chief Executive and will take up the position on
16th January 2024. Nimesh joined the Group in 2020 as Chief
Financial Officer and his appointment to Group Chief Executive
follows a rigorous succession process.
Board Chair, Jamie Pike, said:
"Nimesh's appointment as Group Chief Executive marks the
completion of the Board's long-term planning for Nick's succession.
During his three-year tenure as Chief Financial Officer and a
member of the Board, Nimesh has played a significant role in
shaping our strategy, working with colleagues to enhance our unique
culture and business model to fulfil our Purpose. We have observed
Nimesh's natural leadership style and proven ability to engage at
all levels throughout the organisation and with external
stakeholders. His strategic approach and deep understanding of our
Businesses, together with his global and financial experience all
underpin the Board's confidence in the future leadership of our
Group. We believe Nimesh will provide both continuity as well as
progression in our journey towards creating sustainable value for
our all our stakeholders and we look forward to working closely
with Nimesh, supporting him on this journey ahead.
Nimesh will continue as Chief Financial Officer until 16th
January 2024. The Board has commenced a process to appoint a
successor to this role, which will be announced at the appropriate
time."
Group Chief Executive, Nicholas Anderson said:
"The twelve years I've spent with this Group have been the most
enjoyable and fulling of my 41-year working career. I am extremely
proud of what we have achieved over these years and wish to thank
all my colleagues, past and present, for their support and
contribution to these achievements. I am also delighted that the
Board has chosen Nimesh to lead the Group on the next leg of this
journey, which I'm sure will be even more successful."
Chief Financial Officer, Nimesh Patel said:
"I made the decision to join Spirax-Sarco Engineering three
years ago because I knew there was something extremely special
about the Group. This has been proven to me every day by the
colleagues I meet and work with all over the world. It is a huge
privilege to be trusted with the leadership of the Group and I
believe passionately in the role we can play in supporting our
customers' sustainability journeys, building on the strong position
Nick has established."
Nick will step down as Group Chief Executive and from the Board
on 16th January 2024 but remain as an employee of the Group until
31st March 2024, acting in an advisory capacity to support Nimesh
as he transitions into the role of Group Chief Executive.
Spir ax-Sar co Engineering will publish its Half Year Res ults
on 10 th Augu st 2023.
Enquiries:
Nicholas Anderson, Group Chief Executive
Nimesh Patel, Chief Financial Officer
Mal Patel, Head of Investor Relations
Hazel Meldrum, Group Head of Corporate Communications
Tel: + 44 7881 359110
Remuneration disclosures
Nimesh Patel
Effective from 16th January 2024, Nimesh Patel will receive a
base annual salary of GBP720,000 as Group Chief Executive (CEO).
This salary is set below that of the experienced retiring Group
Chief Executive and it is intended to increase base salary to a
market level within two years of appointment, (e.g. GBP750,000 plus
annual Executive Director salary increases) subject to personal and
business performance. In the short-term, this is likely to result
in salary increases above those provided to the rest of the
workforce. In line with the Company's approach of ensuring open and
transparent dialogue with shareholders, any salary increases
approved by the Remuneration Committee will be clearly reported in
the relevant Directors' Remuneration Report.
Nimesh's pension, benefits, Annual Bonus Scheme and Performance
Share Plan will be in line with the opportunities for the current
Group Chief Executive (150% and 200% of salary respectively and 10%
pension allowance) and as detailed in our shareholder-approved
Remuneration Policy overwhelmingly approved by shareholders at the
2023 Annual General Meeting.
There is no additional information to be disclosed pursuant to
LR 9.6.13 R.
Nicholas Anderson
Nick Anderson's retirement arrangements will be in line with
Spirax Sarco Engineering plc's Remuneration Policy, last approved
by shareholders at the 2023 Annual General Meeting. In summary,
Nick will qualify for good leaver status under the Annual Bonus
Scheme and Performance Share Plan with any payments being pro-rated
for time, only paid to the extent the relevant performance measures
are achieved and paid at the normal time. There will be no payments
for loss of office. In accordance with section 430(2B) of the
Companies Act 2006, full details will be disclosed in our 2024
Annual Report and Accounts.
About Spirax--Sarco Engineering plc
Spirax--Sarco Engineering plc is a leading global thermal energy
management and fluid technology solutions Group, whose purpose is
to deliver sustainable value to all its stakeholders through
engineering a more efficient, safer and sustainable world. It
comprises three world--leading Businesses: Steam Specialties, for
the control and management of steam; Electric Thermal Solutions,
for advanced electrical process heating and temperature management
solutions; and Watson-Marlow, for peristaltic pumping and
associated fluid path technologies. The Steam Specialties and
Electric Thermal Solutions Businesses provide a broad range of
fluid control and process heating products, engineered packages,
site services and systems expertise for a diverse range of
industrial and institutional customers. Both Businesses help their
customers improve process efficiencies, meet environmental
sustainability targets, improve product quality and enhance the
safety of their operations. Watson--Marlow provides solutions 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 (UK), has 40
strategically located manufacturing plants around the world and
employs more than 10,000 people, including more than 2,100 direct
sales and service engineers. Through its One Planet: Engineering
with Purpose Sustainability Strategy, the Group is committed to
achieving net zero emissions for scopes 1 and 2 by 2030 and for
scope 3 by 2050. In 2022, the Group launched its TargetZero
solutions for the decarbonisation of critical industrial
processes.
The Company's shares have been listed on the London Stock
Exchange since 1959 (symbol: SPX) and it is a constituent of the
FTSE 100 and the FTSE4Good Indexes.
About Nimesh Patel
Prior to joining Spirax-Sarco Engineering in 2020, Nimesh was
Chief Financial Officer of the De Beers Group, which is majority
owned by Anglo American plc. He has over 22 years of experience in
senior finance roles, including his time with De Beers and as Group
Head of Corporate Finance for Anglo American plc, which followed a
14-year career in investment banking.
Further information can be found at
www.spiraxsarcoengineering.com
LEI 213800WFVZQMHOZP2W17
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