REG - Spirax-Sarco Engng - Chief Financial Officer Appointment

Spirax-Sarco EngineeringAnnouncement

18/12/2023 07:00

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RNS Number : 0634X  Spirax-Sarco Engineering PLC  18 December 2023

 
18 December 2023

 

Chief Financial Officer Appointment

 

 

Spirax-Sarco Engineering plc, the leading global thermal energy management and
fluid technology solutions Group, is pleased to announce the Board has
appointed Louisa Burdett as Chief Financial Officer (CFO) and Executive
Director with effect from July 2024.

 

Louisa is a highly experienced CFO having led finance functions in several
large companies including UK-listed Meggitt and Victrex.  Louisa is currently
Chief Financial Officer of Croda International Plc and serves as a
Non-Executive Director and Audit Committee Chair of RS Group plc.

 

The search for the successor to Nimesh Patel began shortly after the
announcement of Nimesh's appointment to Group Chief Executive, a role he will
take up on 16 January 2024.

 

The Board is also pleased to confirm that Director of Group Finance, Phil
Scott, will take up the role of Interim Chief Financial Officer with effect
from 16 January 2024.  Phil's current responsibilities include internal and
external reporting, tax, treasury and pensions.  He joined the Group in 2021
with more than 20 years experience of leading senior finance teams in Ferguson
plc and Vodafone Group plc.

 

Jamie Pike, Chair, commented: "I look forward to welcoming Louisa to the Group
and its Board of Directors in July.  Louisa has an exceptional track record
in leading finance for UK listed companies, together with related
Non-Executive and sector experience that will be invaluable to the Board and
Executive Leadership team as we progress on our journey towards creating
sustainable value for all our stakeholders."

 

Nimesh Patel, added: "I am delighted that Louisa will be joining our Group
next year.  Her insights, borne off a long and successful career in some of
the UK's leading industrial companies, as well as her strong values, will
bring further strength and depth to the Group.  I am really looking forward
to working with Louisa, and our Executive Leadership colleagues, as we combine
our respective knowledge, capabilities and energy to prepare for the
opportunities we see ahead.

 

"Having worked closely with Phil, I appreciate his deep understanding of the
Group and I am very pleased that he has agreed to act as CFO on an interim
basis.  Phil will support both the Board and the Executive Team from 16
January through to completion of an orderly handover to Louisa after our Half
Year results."

 

There are no further disclosures to be made pursuant to Listing Rule 9.6.13.

 

Enquiries:

Mal Patel, Head of Investor Relations

Hazel Meldrum, Group Head of Communications

Tel:  + 44 7881 359110

Jos Bieneman, Citigate Dewe Rogerson

Tel: +44 7834 336650

Remuneration disclosures

Louisa Burdett will receive an annual salary of £550,000.  She will be
eligible to receive company pension contributions aligned to the UK wider
workforce rate of 10% of salary and will be eligible to participate in the
Annual Bonus Scheme and Performance Share Plan of up to 125% and 175% of
salary respectively.  In accordance with our shareholder approved
remuneration policy, she will receive replacement awards to compensate her for
those forfeited by joining the business.  Consistent with our approach to
recruitment as outlined in our Policy, these awards will be aligned with the
amounts lost and the associated terms of the original award.  Full details
will be disclosed in our 2023 Directors' Remuneration Report.

There is no additional information to be disclosed pursuant to LR 9.6.13 R.

 

About Spirax‐Sarco Engineering plc

Spirax‐Sarco Engineering plc is a leading global thermal energy management
and fluid technology solutions Group.  It comprises three world‐leading
Businesses: Steam Specialties, for the control and management of steam;
Electric Thermal Solutions, for advanced electrical process heating and
temperature management solutions; and Watson-Marlow, for peristaltic pumping
and associated fluid path technologies.  The Steam Specialties and Electric
Thermal Solutions Businesses provide a broad range of fluid control and
process heating products, engineered packages, site services and systems
expertise for a diverse range of industrial and institutional customers.
Both businesses help their customers improve process efficiencies, meet
environmental sustainability targets, improve product quality and enhance the
safety of their operations.  Watson‐Marlow provides solutions for a wide
variety of demanding fluid path applications with highly accurate,
controllable and virtually maintenance-free pumps and associated technologies.

 

The Group is headquartered in Cheltenham (UK), has 40 strategically located
manufacturing plants around the world and employs more than 10,000 people,
including more than 2,100 direct sales and service engineers.  The Company's
shares have been listed on the London Stock Exchange since 1959 (symbol: SPX)
and it is a constituent of the FTSE 100 and the FTSE4Good Indexes.

 

Further information can be found at www.spiraxsarcoengineering.com
(http://www.spiraxsarcoengineering.com)

 

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