REG - Elementis PLC - Appointment of new Chief Executive Officer

ElementisAnnouncement

13/03/2025 07:15

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RNS Number : 4565A  Elementis PLC  13 March 2025

13 March 2025

This announcement contains inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 of 16 April 2014 (MAR) as it
forms part of domestic law by virtue of the European Union (Withdrawal) Act
2018.

Elementis plc

Appointment of new Chief Executive Officer

Elementis plc (the "Company"), a global specialty chemicals company, is
pleased to announce that Luc van Ravenstein will assume the role of Chief
Executive Officer ("CEO") and join the Board of the Company on 29 April 2025,
succeeding Paul Waterman.

Luc is a highly respected leader with a strong track record of delivering
innovation, growth and efficiency during his 13 years at Elementis. He has led
the Company's largest business segment, Performance Specialties (previously
Coatings), for seven years. During this period, Luc oversaw the transformation
of Coatings into a leading speciality additives business with a higher quality
product portfolio and significantly higher margins. Before that, Luc led the
Personal Care segment for six years during a period of significant growth.
Prior to joining the Company, Luc held various leadership positions at Croda
International plc.

The appointment follows a thorough search process led by the Nomination
Committee, supported by an independent executive search firm, which included
consideration of a range of candidates, including external to the
Company. 

Further to the Company's announcement on 18 November 2024, Paul Waterman will
step down as CEO and retire from the Board on 29 April 2025. Paul will
continue to be employed by the Company and will be available as required for
any transition support until the end of July 2025 to ensure a smooth
transition with Luc.

John O'Higgins, Chair, said:

"On behalf of the Board, I would like to thank Paul for his leadership, and to
wish Luc success in his new role. Luc is ideally positioned to continue to
deliver the progress made so far on the Company's strategy and the achievement
of our financial targets."

Luc van Ravenstein, incoming CEO, said:

"I'm delighted to have been appointed to lead this great company that has been
my home for the last 13 years. We will be building on the momentum of the past
few years to deliver our financial commitments. With fantastic people,
innovative products and deep customer relationships, I look forward to working
with everyone to take Elementis to the next level of success."

Enquiries

 

Elementis:

Anna Lawrence, Group General Counsel & Company Secretary:  020 8148 5966

Zeeshan Maqbool, Head of Investor Relations:  07553 340380

 

Teneo:

 

Martin Robinson:  020 7260 2700

 

Notes

·     Luc van Ravenstein will receive a base salary of US$720,000 and a
Company pension contribution of 8% of base salary (aligned with the majority
of the wider UK workforce). His maximum annual bonus and long-term incentive
opportunities will be set at 150% and 200% of base salary respectively. These
arrangements are consistent with the Company's Directors' Remuneration policy.
 

·    The Remuneration Committee has set Luc's base salary in the context
of the new CEO being an internal promotion and intends to review his salary in
April 2026 in light of individual performance and market rates of pay for
comparably sized FTSE 250 companies. Further details will be disclosed in the
Directors' Remuneration Report for the year ending 31 December 2025.

·     Details of Paul Waterman's remuneration arrangements in connection
with his departure are set out in the Section 430(2B) Companies Act 2006
Statement which is available on the Company website.

This announcement has been made in accordance with the requirements of Listing
Rule 6.4.6R and there is no further information to be disclosed under the
requirements of Listing Rule 6.4.8R.

 

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