REG - Morgan Adv.Materials - CEO Succession & 2024 Trading Update

Morgan Advanced MaterialsAnnouncement

16/01/2025 07:00

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RNS Number : 5085T  Morgan Advanced Materials PLC  16 January 2025

 

Press Release

Morgan Advanced Materials plc

16(th) January 2025

CEO Succession

 & 2024 Trading Update

 

Morgan Advanced Materials plc announces that Pete Raby has informed the Board
of his intention to retire as CEO following a decade in the role. It is
intended that Pete will be stepping down as CEO and from the Board on 1st July
2025, but will continue to provide support for the transition until the end of
August 2025.

The Board is delighted to announce that Damien Caby, currently President of
the Thermal Products Division, is appointed CEO Designate. Damien has been
selected following a comprehensive process that considered internal and
external candidates, will join the Board on 8(th) May 2025, and will assume
the CEO role on 1(st) July 2025.

Pete Raby, CEO, commented:

"It has been a privilege to lead Morgan over the last decade and I would like
to thank our superb people for their commitment and support throughout that
time. I look forward to working with Damien and the team throughout the first
half, focusing on the delivery of a strong performance for the Group, and on
an orderly transition. With our leading market positions and investments in
new products and capacity, I am confident the business is poised to deliver a
period of faster organic growth and margin expansion."

Ian Marchant, Chair, added:

"I would like to thank Pete for his service over the last ten years. He has
transformed the Group and will leave it with a clear direction, a robust
financial position and fully ready to exploit the opportunities for profitable
growth in our chosen end markets. He will be very much missed by the Board and
by his many long-standing colleagues throughout the business."

"I am pleased that we have been able to appoint Damien as a successor. He
brings strong leadership capabilities and international experience, having
successfully led our Thermal Products business for the last two years and
having previously held senior leadership roles in BASF and Imerys."

There are no other matters to be disclosed under UK listing rule 6.4.8R in
relation to Damien's appointment.

2024 Trading Update

Performance for the year to 31 December 2024 was in line with expectations.
Sales were 3.6% higher for the Group on an organic constant currency basis,
compared to the same period last year. Adjusted operating profit and net debt
to adjusted EBITDA were also in line with expectations. Our enhanced
simplification programme is on track, and our share buy-back programme is
progressing well with some £4.7m of shares re-purchased to the end of
December.

Full year results for the 12 month period ending 31 December 2024 will be
announced at 07:00 on Friday 28(th) February 2025.

 

For further enquiries:

 Pete Raby, CEO            Morgan Advanced Materials plc  01753 837000

 Richard Armitage, CFO
 Nina Coad                 Brunswick                      0207 404 5959

 
 

 

This announcement contains inside information. The person responsible for
arranging the release of this announcement on behalf of Morgan Advanced
Materials plc is Richard Armitage, Chief Financial Officer. The Company's LEI
number is I4K14LL95N2PHDL7EG85.

Remuneration Arrangements

Damien Caby's remuneration arrangements have been set in accordance with the
Directors' Remuneration Policy. On appointment, his annual salary will be
€720,000. Full details will be disclosed in the Morgan Advanced Materials
2024 Annual Report.

Pete Raby's departure will be treated in accordance with the Directors'
Remuneration Policy and his service contract. He will be treated as a good
leaver for the purpose of incentives. Full details will be disclosed on the
Company's website in compliance with Section 430(2B) of the Companies Act 2006
and in the 2024 Annual Report.

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