TIDMVSVS
RNS Number : 3141L
Vesuvius plc
18 July 2017
Prior to publication the information contained within this
announcement was deemed by the Group to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR").
18 July 2017
Vesuvius plc ("Vesuvius" or "the Group")
New Chief Executive
Vesuvius plc, a global leader in molten metal flow engineering,
is pleased to announce that Patrick André, President, Flow Control
is to succeed François Wanecq, who is retiring, as Chief Executive
with effect from 1 September 2017 and will join the Board of
Directors of Vesuvius plc on that day.
Patrick André, joined Vesuvius in February 2016, as President of
the Flow Control Business Unit. Since joining Vesuvius, he has been
instrumental in refocusing the Flow Control Business Unit, in
particular, overseeing the restructuring of its European business
in 2016. Prior to joining the Group, he had a long career serving
the steel industry most recently with Lhoist company, the world
leader in lime production, where he held the positions of Executive
Vice President Strategic Growth, CEO Europe and CEO for Asia, CIS
and Africa. Prior to this he worked at the ERAMET group, a global
manufacturer of Nickel and special alloys, where he was CEO of the
Nickel division then CEO of the Manganese division. Patrick is a
French citizen, currently based in Belgium. He will relocate to
London to take up the Chief Executive role. Patrick will continue
to be responsible for the Flow Control Business Unit until a
suitable replacement President is found. Patrick will also serve on
the Company's Finance Committee with effect from his
appointment.
François Wanecq will stand down as a Director of Vesuvius plc
and as a member of the Finance Committee, on 31 August 2017 but
remain with the Group until 31 December 2017 to assist with the
transition of responsibilities.
John McDonough CBE, Chairman said:
"Having undertaken a comprehensive review of external and
internal candidates, we are delighted to appoint Patrick André as
the Group's next Chief Executive. Since he joined us last year, he
has displayed significant drive and energy in strengthening the
Flow Control business. It is this commitment, together with his
industry experience, strategic vision, constant customer focus and
proven record of delivery that will enable him to lead the Group in
the next stages of its development."
"On behalf of the Board I would like to thank François Wanecq
for leading the business through a period of significant change and
many challenges, with the market turmoil of 2008, the subsequent
years of retrenchment, the establishment of Vesuvius as a
stand-alone listed business in 2012, and the refocusing,
restructuring and performance improvement that has been achieved
since then. Throughout that time, François has worked tirelessly to
strengthen Vesuvius' business and to champion safety and quality
throughout the group. As we look forward to Patrick assuming his
new role in September, we do so from a position of great strength
as a result of Francois' highly effective stewardship".
Patrick André serves on the board of Vesuvius India Limited, a
company listed on the Bombay Stock Exchange and National Stock
Exchange of India, as a non-executive director. No other disclosure
obligations arise under paragraphs (1) to (6) of LR 9.6.13 R of the
UK Listing Authority's Listing Rules in respect of his appointment
as Chief Executive of Vesuvius plc.
For further information please contact:
Shareholder/analyst enquiries:
Vesuvius plc François Wanecq, Chief Executive
+44 (0) 207 822 0000
Virginia Skroski, Investor Relations Manager +44 (0) 207 822 0016
Henry Knowles, Company Secretary +44 (0) 207 822 0064
Media enquiries:
MHP Communications Andrew Jaques/James White/Ollie Hoare +44 (0)
203 128 8100
Notes
Full details of Patrick André's remuneration will be included in
the 2017 Remuneration Report, however the key elements are as
follows:
-- Base salary of GBP525,000. This will be reviewed annually for
the first three years of appointment (January 2019, 2020 and 2021),
and it is anticipated every three years thereafter.
-- Pension allowance of 25% of salary.
-- Eligibility to participate in the Annual Incentive Plan up to
a maximum amount of 125% of base salary p.a. and to receive
Performance Shares under the Vesuvius Share Plan LTIP with an
annual grant of up to 200% of base salary in value. On assuming the
Chief Executive role, he will receive a pro-rated "top up" of his
existing Performance Share award for a value equivalent to 200% of
his new base salary. This additional award will be subject to the
usual 3-year vesting cycle and performance conditions.
-- UK benefits will be in line with the other Executive
Director. In addition, as an expatriate, Patrick André will be
entitled to receive relocation benefits under Vesuvius' applicable
expatriate localisation policy, including commuting costs until
July 2018, and thereafter a resettlement allowance of one month's
salary, a contribution to rental fees or property purchase in
connection with his relocation for three years and school fees, all
of which benefits are taxable. He will also receive miscellaneous
relocation benefits including assistance with home search and
removals.
A Section 430(2B) statement regarding the retirement of François
Wanecq will be published on the Company's website.
About Vesuvius plc
Vesuvius is a global leader in molten metal flow engineering
principally serving the steel and foundry industries.
We develop innovative and customised solutions, often used in
extremely demanding industrial environments, which enable our
customers to improve their manufacturing processes, enhance product
quality and reduce energy consumption. These include flow control
solutions, advanced refractories and other consumable products and
- increasingly - related technical services including data
capture.
We have a worldwide presence. We serve our customers through a
network of low-cost manufacturing plants located close to their own
facilities, and embed our industry experts within their operations,
who are all supported by our global technology centres.
Our core competitive strengths are our market and technology
leadership, strong customer relationships, well established
presence in developing markets and our global reach, all of which
facilitate the expansion of our addressable markets.
Our ultimate goal is to create value for our customers, and to
deliver sustainable, profitable growth for our shareholders giving
a superior return on their investment whilst providing each of our
employees with a safe workplace where he or she is recognised,
developed and properly rewarded.
Vesuvius plc, 165 Fleet Street, London EC4A 2AE
Registered in England and Wales No. 8217766
www.vesuvius.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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