Synthomer plc
Chair succession and other board changes
Synthomer plc ('Synthomer' or the 'Group') today
announces several updates relating to the composition of its board,
as part of its succession plans.
Chair succession
The Group announces the appointment of Peter
Hill CBE as an independent non-executive director and chair
designate with effect from 1 September 2024. Following an induction
and handover period, Caroline Johnstone will stand down from the
board, with Peter succeeding her as chair, on 1 January
2025.
Peter brings to Synthomer strong public company
governance and international manufacturing experience in a range of
industries. Peter has served as non-executive chair of Keller Group
plc since 2016, a role from which he will step down during the
first half of 2025, having served approximately nine years.
Previously Peter was non-executive chair of Petra Diamonds Limited
(2020-2023), Volution Group plc (2014-2020), Imagination
Technologies plc (February 2017 until its sale in September 2017)
and the speciality chemicals company Alent plc (2012-2015). He is
currently non-executive chair of The Nuclear Decommissioning
Authority, a UK Government arm's length body sponsored by the
Department for Energy Security and Net Zero.
Peter has also served as a non-executive
director on the boards of Cookson Group plc, Meggitt plc, Essentra
plc and Oxford Instruments plc, and in similar roles for UK Trade
and Investment and the Royal Air Force. He was chief executive
officer of Laird plc from 2002 to late 2011, transforming it from
an industrial conglomerate into a focused electronics and
technology company. He previously held senior management roles at
BTR plc and Invensys plc, and was an executive director on the
board of Costain Group plc. Peter's early career was spent with
natural resources companies Anglo American, Rio Tinto and BP
Minerals. He holds a BSc in engineering, an MBA from the London
Business School and is a chartered engineer.
Peter's appointment followed a Code-compliant,
rigorous and independent process led by Ian Tyler in his capacity
as Synthomer's senior independent non-executive
director.
Other board changes
The Honourable Alexander Catto has advised the
board of his intention to step down as a director by the Group's
next Annual General Meeting (AGM) in May 2025. As a
non-independent, non-executive director of the Group, he has served
as representative of its founding family and significant
shareholders since 1981. More recently, he has served as the
designated non-executive director leading workforce
engagement.
The Group announces the appointment of Uwe
Halder to the board with effect from 1 September 2024. Uwe is chief
executive officer of KLK OLEO Europe, part of the global
oleochemical and manufacturing division of Kuala Lumpur Kepong
Berhad (KLK), which is Synthomer's largest shareholder (with 27% of
the issued share capital). Uwe's entire career has been in the
global chemicals industry. He has worked in the USA at BASF and as
president of DyStar USA, and in Europe at CHT/BEZEMA and Archroma
before joining a business acquired by KLK OLEO. As a nominee of
KLK, Uwe will be a non-independent, non-executive director upon
appointment.
The changes announced today reflect the board's
long-term succession planning agenda which will continue to evolve
to reflect the Group's strategy, skills and experience needs and
compliance with Corporate Governance Code principles.
Commenting, Synthomer Chair Caroline Johnstone
said:
"I am delighted that the board has chosen Peter
Hill to succeed me, following my nine years on the Synthomer board
as a non-executive director and then chair. Peter is an
internationally respected leader with extensive experience in
strategy execution, governance and corporate stewardship and has a
proven track record chairing ambitious multinational companies. I
also look forward to welcoming Uwe Halder as a board member; his
extensive experience in global chemicals markets will be of
significant benefit to the company.
"I would also like to thank the Honourable
Alexander Catto for his years of tireless service to Synthomer. As
a member of the Group's founding family, Alex has provided a deep
knowledge of the company's history and a unique long-term
shareholder perspective, alongside insights from his career in
investment banking. His wise counsel will be missed by all at
Synthomer, and we wish him well for the future."
Peter Hill said:
"I look forward to leading the Synthomer board
at such an important stage of the company's evolution. Having
emerged from a period of exceptional challenges in its industry, I
believe that Synthomer has the strategy, people, market positions
and financial strength to create substantial value for shareholders
and other stakeholders in the years ahead."
Further information:
|
Investors: Faisal Tabbah, Vice
President Investor Relations
|
Tel: +44 (0) 1279 775 306
|
|
Media: Nick Hasell, FTI
Consulting
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Tel: +44 (0) 203 727 1340
|
Notes
There are no further matters to be
disclosed under LR9.6.13R of the Listing Rules of the UK Listing
Authority.
Legal Entity Identifier (LEI):
213800EHT3TI1KPQQJ56. Classification as per
DTR 6 Annex 1R: 3.1.
Synthomer plc is a leading supplier
of high-performance, highly specialised polymers and ingredients
that play vital roles in key sectors such as coatings,
construction, adhesives, and health and protection - growing
markets that serve billions of end users worldwide. Headquartered
in London, UK and listed there since 1971, we employ c.4,200
employees across our 4 innovation centres of excellence and more
than 30 manufacturing sites across Europe, North America and Asia.
With more than 6,000 blue-chip customers and £2.0bn in continuing
revenue in 2023, our business is built around three divisions,
serving customers in attractive end markets where demand is driven
by global megatrends including urbanisation, demographic change,
climate change and sustainability, and shifting economic power. In
Coatings & Construction Solutions, our specialist polymers
enhance the sustainability and performance of a wide range of
coatings and construction products. We serve customers in
applications including architectural and masonry coatings, mortar
modification, waterproofing and flooring, fibre bonding, and energy
solutions. In Adhesive Solutions our products help our customers
bond, modify and compatibilise surfaces and components for
applications including tapes and labels, packaging, hygiene, tyres
and plastic modification, improving permeability, strength,
elasticity, damping, dispersion and grip. In Health &
Protection and Performance Materials we are a world-leading
supplier of water-based polymers for medical gloves, and a major
European manufacturer of high-performance binders, foams and other
products serving customers in a range of end markets. Our purpose
is creating innovative and sustainable solutions for the benefit of
customers and society. Around 20% of our sales volumes are from new
and patent protected products. At our innovation centres of
excellence in the UK, Germany, Malaysia and Ohio, USA we
collaborate closely with our customers to develop new products and
enhance existing ones tailored to their needs, with an increasing
range of sustainability benefits. Our 2030 decarbonisation targets
have been approved by the Science Based Targets initiative as being
in line with what the latest climate science says is necessary to
meet the goals of the Paris Agreement, and since 2021 we have held
the London Stock Exchange Green Economy Mark, which recognises
green technology businesses making a significant contribution to a
more sustainable, low-carbon economy. Find us at
www.synthomer.com
or search for Synthomer on LinkedIn.