Victrex PLC Directorate Change (3599Y)
05 December 2017 - 6:01PM
UK Regulatory
TIDMVCT
RNS Number : 3599Y
Victrex PLC
05 December 2017
5 December 2017
Victrex plc: Directorate change
Louisa Burdett to step down from the Board in 2018
Richard Armitage appointed as Group Finance Director
Victrex plc, an innovative world leader in high performance
polymer solutions, announces that Louisa Burdett has notified the
Board of her intention to step down during 2018 after completing
over four successful years as Group Finance Director of the
Company. Louisa will work through an orderly transition with
Richard Armitage, currently Group Finance Director at Samworth
Brothers, who has been appointed as her successor. Richard will
join Victrex on 9 April 2018, taking over as Group Finance Director
from that date.
Larry Pentz, Chairman of Victrex, said: "We are very grateful to
Louisa for her contribution to Victrex since 2014. We have
benefited from her financial discipline, cost efficiency focus, the
recent Patent Box outcome and our capital allocation policy.
Louisa's intention to step down reflects her desire to further
progress her career after four successful years, as well as the
natural transition alongside Dave's recent retirement as CEO, and
the Board wishes her well."
"The Board is delighted that Richard has agreed to join Victrex.
He is a proven and commercially focused Finance Director, with
listed company experience across several sectors, including in
materials and manufacturing companies. Richard will provide strong
support to Jakob and our Executive team as we focus on delivering
our Polymer & Parts strategy."
Jakob Sigurdsson, Chief Executive of Victrex, said: "I am very
much looking forward to working with Richard as part of the
Executive team. He joins at a good time for Victrex, with a healthy
core business, a strong pipeline of new products and a highly cash
generative business model. I would also like to thank Louisa for
the support she has given me since joining Victrex and wish her
well as she further develops her career."
Louisa and Richard will work through a transition and Louisa is
expected to leave Victrex by summer 2018. Richard's appointment
follows a thorough search process and he will be appointed on a
base salary of GBP360,000.
There are no disclosures under paragraph 9.6.13R (1)-(6) of the
Listing Rules.
Enquiries:
Victrex plc:
Andrew Hanson, Director of Investor Relations & Corporate
Communications
+44 (0) 1253 898121
Larry Pentz, Chairman
+44 (0) 1253 898150
Jakob Sigurdsson, Chief Executive
+44 (0) 1253 898150
Louisa Burdett, Group Finance Director
+44 (0) 1253 898150
Notes:
1/ Richard Armitage, 52, FCMA, is currently Group Finance
Director of Samworth Brothers, a UK based branded and own-label
food manufacturer, which he joined in 2014. Prior to Samworth
Brothers he was Chief Financial Officer of McBride plc, a
manufacturer of household and personal care products. His other
roles include Finance Director for Premier Foods plc's Grocery and
Chilled Divisions, and at Courtaulds, ICI and Boots plc. Richard
trained through the Courtaulds and ICI Management Development
programmes.
Richard will be granted a share award under the 2009 Long Term
Incentive Plan following commencement of employment, equivalent to
100% of salary, vesting of which will be subject to the normal
performance conditions and rules of the Plan.
2/ Pursuant to Louisa Burdett's service agreement, she will
receive her salary through to December 2018, based on her
contractual notice period of 12 months. She will also be entitled
to receive her non-cash benefits through to summer 2018, by when
Louisa is expected to leave Victrex. Louisa will receive a cash
bonus for the financial year ended 30 September 2017, in respect of
which the Remuneration Committee has exercised its discretion to
waive 25% of the bonus to be deferred into shares. She will not be
entitled to participate in either the 2018 cash bonus plan or the
grant of option awards under the 2009 LTIP in the 2018 financial
year. The share grant made to Louisa in December 2014 will
partially vest and be released in accordance with the terms of
grant in equal one-third tranches over the next three years.
About Victrex:
Victrex is an innovative world leader in high performance
polymer solutions, focused on the strategic markets of Automotive,
Aerospace, Energy (including Manufacturing & Engineering),
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 develop world
leading solutions in PEEK and PAEK-based polymers, semi-finished
and finished parts which shape future performance for our customers
and our markets, and drive value for our shareholders. Find out
more at www.victrexplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAEAFALEALXFAF
(END) Dow Jones Newswires
December 05, 2017 02:01 ET (07:01 GMT)
Victrex (LSE:VCT)
Historical Stock Chart
From Apr 2024 to May 2024
Victrex (LSE:VCT)
Historical Stock Chart
From May 2023 to May 2024