Synthomer PLC Appointment of Group Chief Executive Officer (7665C)
23 June 2021 - 4:00PM
UK Regulatory
TIDMSYNT
RNS Number : 7665C
Synthomer PLC
23 June 2021
23rd June 2021
Synthomer plc
Synthomer appoints Michael Willome as Group Chief Executive
Officer
The Board of Synthomer plc ('Synthomer' or 'the Company') is
pleased to announce the appointment of Michael Willome as Group
Chief Executive Officer. Michael will succeed Calum MacLean, who
announced in January 2021 that he wished to step down once a
suitable successor had been identified. Michael, 54, will join the
Synthomer Board as Chief Executive on 1 November 2021. Calum will
remain in role in the meantime and thereafter to ensure an orderly
transition.
Michael is an established public market CEO with a track record
of driving performance through both strong operational management
and strategic actions, including M&A. He has a deep
understanding of the end markets in which Synthomer operates, with
speciality chemicals and broad geographic experience.
From January 2016 to April 2021, Michael was CEO of Conzzeta AG
(renamed Bystronic AG in May 2021), a global conglomerate listed on
the SIX Swiss exchange which comprised five businesses. Under his
leadership, through organic growth and acquisitions, the group with
5,200 employees achieved a doubling of EBIT in the four years ended
2019 and an increase in revenues to CHF1.6 billion. In 2020,
Michael implemented a fundamental transformation of the Company
which included focusing on Bystronic and the successful divestment
of all other businesses.
Previously, Michael spent 18 years with Clariant AG, latterly
leading its global Industrial & Consumer Specialities division
from 2010 to 2015, a business which at the time generated sales of
CHF1.5 billion and had some 2,300 employees. This followed 13 years
in leadership roles in Asia Pacific, where he was division head of
the region, based in Hong Kong, as well as in Canada and
Turkey.
He is currently a Non-Executive Director of Glaston, listed on
NASDAQ Helsinki. Michael, a Swiss national, will relocate to the UK
and be based in Synthomer's head office in London.
Caroline Johnstone, Chair of Synthomer, said: "I am delighted to
welcome Michael to the Company. He is a high calibre, proven
business leader with considerable experience in the global
speciality chemicals industry and a strong track record of driving
growth and profitability. His appointment follows an extensive
search process. The Board is confident that Michael brings with him
the right capabilities to help lead Synthomer through the next
phase of its development, as we continue to deliver our successful
strategy and invest in the future growth of the business.
On behalf of the Board, I would like to thank Calum for his
outstanding contribution to Synthomer since his appointment in
January 2015. Under his leadership, the Company has been
transformed into a diversified, differentiated and global
speciality chemicals business, the benefits of which can be seen
clearly in our performance. He leaves a strong team and platform
for continued success and we wish him the very best for the
future."
Michael Willome said: "Synthomer is a global differentiated and
speciality chemical company with a strong track record of delivery,
leading positions in its markets and a portfolio of innovative and
sustainable solutions for its customers. I am delighted to be
joining the Company at this exciting time in its development. With
OMNOVA now fully integrated, Synthomer is in a strong position to
continue to pursue its growth agenda and I look forward to working
with the team to build further on its success."
Remuneration
All remuneration arrangements for Michael are consistent with
the terms of the Directors' Remuneration Policy approved by
shareholders at the AGM in April 2020. Michael will receive a base
salary of GBP650,000 per annum. He will receive a pension allowance
in line with the UK workforce. Michael will participate in the
current Executive Director Annual Bonus Plan from 1 January 2022,
which has an annual award opportunity of 150% of base salary
(one-third deferred into shares for two years). There will be no
Annual Bonus award for 2021. He will participate in the Synthomer
Performance Share Plan with an annual award opportunity of 200% of
base salary, subject to performance conditions measured over a
three-year period, with an additional two years holding period. The
2021 award will be granted on joining (pro-rated from the date of
commencement of employment). Michael will be required to build a
shareholding equal to 220% of annual basic salary.
Michael will be entitled to benefits in line with the Group's
current policy and relocation support for a four-year period. He
will also receive GBP100,000 as compensation for loss of additional
pension-related compensation he would have received had he served
out his full notice period at Conzzeta AG and departed on 30 June
2022. Michael's employment contract requires 12 months' notice of
termination by him and the Company.
Further information
Tim Hughes, President, Corporate Development Tel: 01279 436211
Charles Armitstead/ Matt Denham, Teneo Tel: 07703 330 269 / 07825 735596
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END
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