REG - Essentra plc - Appointment of New Chief Executive

EssentraAnnouncement

03/10/2022 07:16

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RNS Number : 5063B  Essentra plc  03 October 2022

 

ESSENTRA PLC

A leading global provider of essential components and solutions

 

APPOINTMENT OF NEW CHIEF EXECUTIVE

 

 

Following the successful completion of the Group's strategic reviews of the
Filters and Packaging divisions, Essentra plc ("the Company") announces that
Paul Forman has decided to step down from his role as Chief Executive of the
Company at the end of the current financial year on 31 December 2022. Paul
will be succeeded by Scott Fawcett who is currently the Managing Director of
Essentra's Components division. Scott will join the Board on 1 January 2023.

 

Paul has overseen the successful transformation of the Group. He joined
Essentra in 2017 and embarked on a "stability, strategy, growth" journey
refocusing the Group on its core divisions and restoring them to long-term
revenue and profit growth. This strategy led to the creation of three leading
standalone global businesses with exciting growth prospects in their
respective markets. 2021 marked a new chapter for the Group as the Board
announced that Essentra would review the strategic options for Packaging and
Filters with the view to becoming a pure play components business. The
strategic reviews concluded that the sale of both businesses would be in the
best interest of shareholders.

Paul will work closely with Scott and the Board to ensure a smooth transition
and support the transition to a pure play components business.

 

Scott Fawcett was appointed as Managing Director of the Components division in
2017. He joined Essentra Components in 2010 as Managing Director of the
European business and subsequently joined the Group Management Committee in
2014, leading the Components global strategy. Over the last twelve years,
Scott has led the transformation of the Components business from a product led
to service led business, enhancing Essentra's customer proposition and
delivering a decade of growth supported by the acquisition of nine businesses.

 

Commenting on the change announced today, Paul Lester, Chairman, said:

 

"The Board and I would like to thank Paul for his outstanding contribution to
Essentra during his tenure as CEO. Under his careful stewardship and excellent
leadership, the Group has been transformed from a weak state and restored to
long term profitable growth. All this - and material growth in profitability -
has been achieved despite multiple external headwinds in recent years. Paul
will leave the Board with our very best wishes and our sincere thanks and
appreciation for all that he has achieved.

 

Following a thorough review, the Nominations Committee unanimously recommended
to the Board that Scott be appointed as the Company's new Chief Executive.
Scott has extensive knowledge and experience of the Components business and a
successful track record of developing and expanding the division both
organically and through acquisition.

 

I look forward to continuing to work with Scott as the Company embarks on the
new phase of its journey."

 

Paul Forman said:

 

"It has been a huge privilege to be part of the Essentra family, and I am
immensely proud of all that we have achieved. Scott's leadership has been
instrumental in the successful growth and development of the Components
business in recent years. I am confident that he has the right skills and
relevant experience to lead Essentra through the next stage of its development
and will continue to drive the Company forwards. Finally - but most
importantly - I would like to thank all of my colleagues across the world for
their hard work, friendship and commitment through times of change and extreme
challenge. They should all be truly proud of what they have achieved and
excited by the opportunities each of the three world class businesses have."

 

Scott Fawcett said:

 

"I am delighted to be taking on my new role to lead Essentra at a pivotal
point in the Company's journey. I would like to thank Paul for his support in
establishing the Components growth strategy and his mentorship and guidance
throughout his tenure and wish him well for the future.

 

The Components division has a well-established and successful business model
which underpins our proven strategy of growth. I look forward to evolving the
business as a global leading manufacturer and distributor of components with a
clear strategy, and significant opportunities to accelerate growth organically
and inorganically to expand market share."

 

Capital Markets Event

 

Essentra plc will hold a Capital Markets Event for investors and analysts on 9
November 2022. The management team will be joined by a range of senior leaders
from across Components to provide further detail on the strategy as the
Company moves forward as a global leading manufacturer and distributor of
components.

 

The Capital Markets Event will start at 8.30am UK time at Peel Hunt LLP, 7th
Floor, 100 Liverpool St, London EC2M 2AT.

There are two options for participating in the event:

1.   To attend the event in person, please e-mail your details to
investorrelations@essentra.com (mailto:investorrelations@essentra.com)

 

2.   To join the live webcast of the presentation, please pre-register at:
https://www.essentraplc.com/en/investors/company-information/webcasts-and-presentations
(https://www.essentraplc.com/en/investors/company-information/webcasts-and-presentations)

A recording of the webcast will be made available on the Company's website
later in the day.

 

No new material financial information will be disclosed.

 

 Investor enquiries                                 Media enquiries

 Essentra plc                                       Tulchan Communications LLP

 Jack Clarke, Chief Financial Officer               Olivia Peters

 Claire Goodman, Group Investor Relations Manager   Lisa Jarrett-Kerr

 Emma Reid, Head of Governance                      Tel: +44 (0)20 7353 4200

 Tel: +44 (0)1908 359100

 

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