REG - Stelrad Group PLC - Appointment of Chief Financial Officer

StelradAnnouncement

27/09/2023 07:00

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RNS Number : 7410N  Stelrad Group PLC  27 September 2023

Stelrad Group plc

 

Appointment of Chief Financial Officer

 

Stelrad Group plc ("Stelrad" or "the Group" or "the Company", LSE: SRAD)
announces today the appointment of Annette Borén as Chief Financial Officer,
with effect from 1 November 2023. She will be appointed as an Executive
Director of the Board on 22 November 2023.

 

Annette will succeed George Letham, who as announced on 22 May 2023, will
retire from his position as Chief Financial Officer and Executive Director of
the Company and will step down from the Board on 22 November 2023 following an
orderly transition period. Post this, George will be retained in the capacity
of Strategic Advisor to the CEO, on a part-time basis for a 6 month period.

 

Annette is a highly experienced CFO and brings with her a proven track record
in delivering financial leadership, operational excellence, and strategic
growth, across different geographies and sectors.

 

Most recently, she was CFO for Northern Europe at Hilti, a world leader in the
manufacture of construction tools. Prior to this Annette was CFO for Doro, a
Swedish consumer electronics company listed on the Nasdaq Stockholm.

 

Bob Ellis, Chair of Stelrad, said:

"Following a rigorous recruitment process supported by an external search
firm, I am pleased on behalf of the Board to welcome Annette to the business.
She brings a wealth of experience which will enable her to make a significant
contribution to the continued growth and success of the Group.  I would also
like to reiterate the Board's appreciation for George's contribution and
commitment during his twenty years at Stelrad and wish him all the very best
in his retirement."

 

Trevor Harvey, CEO of Stelrad, said:

"I am delighted to announce Annette's appointment as Group Chief Financial
Officer and to welcome her to our team. Annette is a valuable addition to the
business and I look forward to working with her to continue to build on our
market position and deliver our strategy ."

 

Annette Borén added:

"Stelrad is a fantastic business with an unrivalled reputation in the markets
where it operates combined with a strong track record of delivery over many
years.  I am excited to be joining the business at this stage in its
development, with significant opportunity ahead of it, and am looking forward
to working alongside Trevor and the team."

 

 

There is no other information to be disclosed under Listing Rule 9.6.13 in
respect to Annette Borén.

 

Annette Borén's remuneration arrangements are consistent with the terms of
the Directors' Remuneration Policy approved by shareholders at the Annual
General Meeting in May 2023 and will be set out in the Company's Directors'
Remuneration Report for the year ended 31 December 2023.

 

Enquiries

 Stelrad Group plc                        +44 (0)191 261 3301

 Trevor Harvey, Chief Executive Officer

 George Letham, Chief Financial Officer

 Powerscourt                              +44 (0)7855 432 699

 James White / Pete Lambie                stelrad@powerscourt-group.com

 

Notes to Editors

Stelrad Group plc is a leading specialist radiator manufacturer, selling an
extensive range of hydronic, hybrid, dual fuel and electrical heat emitters to
more than 500 customers in over 40 countries. These include standard, premium
and low surface temperature (LST) steel panel radiators, towel warmers,
decorative steel tubular, steel multicolumn and aluminium radiators.

 

The Group has five core brands: Stelrad, Henrad, Termo Teknik, DL Radiators
and Hudevad.  In the countries reported by BRG Building Solutions in 2023 to
date, Stelrad moved into a market leadership position, with 18.5% share by
volume of the combined UK, European and Turkish steel panel radiator market.
 The Group is now market leader in six countries - the UK, Ireland, France,
the Netherlands, Belgium and Denmark, with a top 3 position in a further five
territories.

 

Stelrad is headquartered in Newcastle upon Tyne in the UK and in 2022 employed
1,500+ people, with manufacturing and distribution facilities in Çorlu
(Turkey), Mexborough (UK), Moimacco (Italy) and Nuth (Netherlands), with
further commercial and distribution operations in Kolding (Denmark) and Krakow
(Poland).

 

The Group's origins date back to the 1930s and Stelrad enjoys long established
commercial relationships with many of its customers, having served each of its
top five current customers for over twenty years.

 

Further information can be found at: https://stelradplc.com/.

 

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