TIDMVCT
RNS Number : 6907C
Victrex PLC
19 April 2017
19 April 2017
Victrex plc
Directorate change
David Hummel to retire as Chief Executive
Jakob Sigurdsson appointed as Chief Executive designate
Victrex plc, an innovative world leader in high performance
polymer solutions, today announces that David Hummel has notified
the Board of his intention to retire after 24 highly successful
years as Chief Executive. The Board is pleased to announce that
Jakob Sigurdsson, the former Chief Executive of global polymer
manufacturer Promens, who has more than 20 years' experience in
diverse multinational companies, will join the Company on 1
September 2017 as Chief Executive-designate, following an extensive
search process.
Dave, 59, will retire from the Company on 31 March 2018. He will
step down as Chief Executive on 30 September 2017, but to enable an
orderly transition he will remain on the Board as an Executive
Director, reporting to the Chairman, until Victrex's AGM in
February 2018. Jakob will succeed Dave as Chief Executive and join
the Board on 1 October 2017.
Under Dave's leadership, Victrex has delivered significant
shareholder value. Revenue increased from GBP31 million in 1995 to
over GBP250 million in 2016, with earnings per share growing at
more than 10% CAGR.
Larry Pentz, Chairman of Victrex, said: "Dave has been
instrumental in Victrex's success. As Chief Executive for nearly 25
years, he has delivered strong growth, helped us to create new
markets, innovate into new applications and led a clear and
differentiated strategy. We owe significant thanks to Dave for his
immense contribution to Victrex and whilst he will remain on the
Board until our 2018 AGM, we wish him well in his eventual
retirement."
Jakob Sigurdsson, 53, has more than 20 years' experience in
large multinational companies, both listed and private, including
with Rohm & Haas (acquired by Dow Chemical) in the US, as Chief
Executive of food manufacturer Alfesca in Europe, and as Chief
Executive of Promens. His roles have spanned marketing, supply
chain, business development, strategy and M&A, with particular
emphasis on growth in new or developing markets, both within Rohm
& Haas and as a CEO and non-executive director.
During his four year tenure as Chief Executive of Promens
between 2011 and 2015, he accelerated the Group's growth strategy
in both mature and emerging markets, including Pharmaceutical,
Chemical and Automotive, leveraging relationships with key global
customers. An IPO was initiated in 2014, following the business
returning to profitability, prior to a trade sale to RPC Group.
Jakob is currently Chief Executive of VIS, the largest Icelandic
insurance and re-insurance company, which is listed on the
Icelandic stock exchange.
Larry Pentz added: "I am delighted that Jakob will be joining us
as our new Chief Executive. He was the standout candidate for the
role and has proven experience in delivering focused growth
strategies, particularly for new and emerging markets, or new
technologies.
"As we communicated at our recent Capital Markets Day, our
Polymer & Parts strategy provides a strong platform for growth
and the focus is all about execution. Consequently, with Jakob's
track record of making markets and delivering growth, as well as
his diverse experience in both private and listed companies, the
Board believes this appointment is a strong fit with Victrex and
will serve us well."
Jakob Sigurdsson commented: "'I am proud and excited to be
appointed Chief Executive of such a highly regarded global company.
I look forward to working with the Board and the management team to
deliver our strategic priorities and execute on our growth
opportunities over the coming years."
Dave Hummel added: "It has been a privilege to serve Victrex for
so many years. I am transitioning from the Company at a time where
it is very well positioned for the next phase of growth, with a
clear and differentiated strategy, a highly capable management team
and a strong pipeline of opportunities. I have every confidence in
Jakob and believe that his diverse experience, his passion and
curiosity, financial competence and capability will continue to
drive the business forward. "
There are no disclosures under paragraph 9.6.13R (1)-(6) of the
Listing Rules.
This announcement contains inside information.
Notes:
Jakob Sigurdsson, 53, is an Icelandic national, married with
three children. He holds an MBA from Northwestern University in the
US, and a BSc in Chemistry from the University of Iceland. His
early career was spent in Iceland at a number of manufacturing
businesses, including in paint coatings, before joining Rohm &
Haas (prior to it becoming part of Dow Chemical) in 1995 within
their marketing function.
He progressed through several roles at Rohm & Haas, both in
Europe and the US, including as General Manager for the Emulsion
business in Europe, prior to the acquisition by Dow in 2009. His
role as CEO of Alfesca, a food manufacturer in Europe, included
acquiring a competitor and divestments of non-core assets. During
his role as Chief Executive of Promens between 2011 and 2015, he
accelerated the Group's growth strategy in several mature and
emerging markets, including Pharmaceutical, Chemical and Automotive
markets.
Since 2015, Jakob has held a number of non-executive roles in
Iceland. He is currently Chief Executive of VIS, the largest
Icelandic insurance and re-insurance company, which is listed on
the Icelandic stock exchange. Mr Sigurdsson's base salary will be
GBP500,000 and he will participate in the company's bonus and
long-term incentive arrangements in accordance with the company's
remuneration policy. His notice period of 12 months is in line with
other Executive directors. He will relocate to the UK as part of
his appointment.
Enquiries:
Victrex plc:
Andrew Hanson, Head of Investor Relations & Communications +44 (0) 1253 898121
Larry Pentz, Chairman +44 (0) 1253 898150
David Hummel, Chief Executive +44 (0) 1253 898150
Louisa Burdett, Group Finance Director +44 (0) 1253 898150
Teneo Blue Rubicon:
Charles Armitstead +44 (0) 7703 330269
About Victrex:
Victrex is an innovative world leader in high performance
polymer solutions, focused on the strategic markets of Automotive,
Aerospace, Energy, Electronics and Medical. Every day, millions of
people rely on products or applications which contain our
materials, from smartphones, aeroplanes and cars to oil & gas
operations and medical devices. With over 35 years' experience, we
are moving beyond the polymer into semi-finished and finished
products ('parts') which shape future performance for our customers
and our markets, and drive value for our shareholders. Find out
more at www.victrexplc.com
Analyst and investor call:
A conference call for analysts and investors will be held this
morning at 09.00am BST, hosted by Victrex Chairman Larry Pentz.
Dial in details: +44 (0) 203 139 4830, participant passcode
61240146#
This information is provided by RNS
The company news service from the London Stock Exchange
END
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