REG - SIG PLC - Steve Francis appointed Chief Executive Officer

SIGAnnouncement

24/04/2020 07:00

RNS Number : 7228K
  
SIG PLC
  
24 April 2020
  
 

24 April 2020
 
SIG plc
(Incorporated in England and Wales)
Company Number: 00998314
LSE Share Code: SHI
ISIN: GB0008025412
LEI: 213800VDC1BKJEZ8PV53
 
SIG plc
Steve Francis appointed Chief Executive Officer
 
SIG plc ("SIG" or "the Company"), a leading supplier of specialist building materials to trade customers across Europe, with strong positions in its core markets as a specialist distributor of insulation and interior products and a merchant of roofing and exteriors products, announces the appointment of Steve Francis as Chief Executive Officer ("CEO").
 
This permanent appointment results from a search process that commenced in December 2019 and follows the announcement on 25 February 2020 that Steve would be CEO on an initial contract until 31 December 2020. This search process, led by the Chairman, assessed both external and internal candidates and concluded that Steve was the outstanding candidate for the role of CEO.
 
Andrew Allner, Chairman, commented:
"The Board is pleased to announce that Steve Francis has been appointed permanent CEO. Steve has demonstrated strong leadership in the most testing circumstances since his original appointment. His ability to navigate the effects of the COVID-19 environment, at the same time as getting the leadership team focused on the strategic priorities to ensure the future success of SIG, has been exceptional."
 
Steve Francis, Chief Executive Officer, commented:
"I am delighted to have been appointed to lead SIG.  We are using the current period to develop a revised strategy and organisational model and I look forward to sharing the details of this revised strategy with the announcement of our results for the year ended 31 December 2019."
 
Notes
Steve Francis was appointed to the SIG Plc Board as Chief Executive Officer on 25 February 2020 until 31 December 2020.
 
Steve's remuneration package will consist of a basic salary and variable incentive arrangements which are in line with SIG's current remuneration policy and practice. The key changes to his current arrangements are a base salary of £540,000, the ability to earn a maximum bonus of 150% of basic salary and eligibility to participate in the Long-Term Incentive Plan.
 
In recognition of the current crisis, and as already announced, Steve has taken a voluntary reduction in salary of 50%. This reduction will continue until the Company resumes normal operations.
  
 
Steve Francis - Abridged Biography




2018 - 2019


CEO, Patisserie Holdings PLC




2016 - 2018


Group CEO, Tulip Ltd




2012 - 2015


Group CEO, Danwood Group Holdings Ltd




2008 - 2012


Group CFO/CRO then MD, Pork Division, Vion (former Grampian) Food Group Ltd




2005 - 2007


Group CFO/COO, British Vita plc/Vita Group Holdings Limited




2003 - 2005


Founder-Partner of MNS Partners LLC




1992 - 2001


McKinsey/Global Strategy Consulting Firms




 
The Company confirms that there is no change to the information disclosed on 25 February 2020 under Listing Rule 9.6.13 in respect of Steve Francis.
 
This announcement contains inside information. The person responsible for making this notification is Kulbinder Dosanjh, Company Secretary.
 
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Contacts/Enquiries




SIG plc


+44 (0) 114 285 6300




Andrew Allner, Chairman


 




 


 




FTI Consulting


+44 (0) 20 3727 1340




Richard Mountain


 




 


 




 


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