REG - Weir Group PLC - Appointment of Chief Financial Officer

WeirAnnouncement

01/11/2023 07:15

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RNS Number : 9502R  Weir Group PLC  01 November 2023

 

Appointment of Chief Financial Officer

 

The Weir Group PLC, a global mining technology leader, is pleased to announce
the appointment of Brian Puffer to the company's Board of Directors as Chief
Financial Officer (CFO) and Executive Director. Brian will join the Board on 1
April 2024 at the latest.

 

Brian is currently Chief Financial and Risk Officer of BP plc Integrated
Supply and Trading and has over 30 years' experience in driving commercial and
financial performance in both industry and as a Partner in PwC.

 

Brian will succeed John Heasley who, as announced on 27 July 2023, will be
leaving Weir to take up a new role as Finance Director of Anglo American plc.
John will step down as Chief Financial Officer and resign from the Board on 30
November 2023.

 

Commenting on Brian's appointment, Barbara Jeremiah, Chair of The Weir Group
said:

"The Board is delighted to appoint Brian as the Group's new CFO. He is an
accomplished finance leader and with his broad experience, he will be a
valuable asset to Weir. Brian joins our strong finance team at Weir and will
provide leadership as we drive standardisation and simplification across the
business. We look forward to welcoming him to the Board."

 

Jon Stanton, CEO of The Weir Group added:

"I am delighted that Brian is joining us at this exciting time for our
business. He has an outstanding track record in senior finance roles within BP
and, in particular, his extensive experience of business transformation will
enable him to make an immediate contribution to Weir as we execute on our
strategy and deliver the benefits of our Performance Excellence programme."

 

Commenting on his appointment, Brian Puffer said:

"It's great to be joining Weir, a true leader in its field with a compelling
opportunity to create value from making mining more sustainable. I am looking
forward to working with Jon and the rest of the team to deliver excellent
outcomes for all our stakeholders."

Biography
Brian Puffer will join Weir from BP plc where he is currently the Chief
Financial and Risk Officer for BP Integrated Supply and Trading. Prior to that
he was Senior Vice President of BP's Global Business Services between 2012 and
2017, having joined BP in 2009 as Senior Vice President of Group Finance
(group financial controller). Prior to BP, Brian spent 18 years at PwC,
initially in various roles in the US and UK before being appointed Partner in
2002. Brian is a dual British and American citizen and holds a Bachelor's
degree in Accounting and Finance from Niagara University. He is a Certified
Public Accountant and a Chartered Accountant.

Notes
Brian's remuneration arrangements have been set in accordance with our
Directors' Remuneration Policy. His base salary will be £500,000 per annum
with pension, benefits and incentives in-line with our current approach.

Brian will also be granted various RSU awards with expected vesting between
February 2025 and November 2027 to compensate him for incentive awards that he
is expected to forfeit on leaving his current employer. The aggregate face
value of these buy-out awards is expected to be c.£2.9m (maximum value of
c.£3.5m) but may vary depending on which awards are forfeited. These buy-out
awards have been structured on a 'like for like' basis to reflect the time
frames and key terms of the forfeited awards. Full details will be disclosed
in the 2023 Annual Report.

The information required to be disclosed under section 430(2B) of the
Companies Act 2006 in relation to John Heasley will be available on the
Group's website in due course.

There are no other matters that require disclosure in relation to Brian Puffer
under LR 9.6.13 of the UK Listing Rules.

 Enquiries:
 Investors: Edward Pears   +44 (0) 141 308 3725

 Media: Sally Jones        +44 (0) 141 308 3666

 Citigate Dewe Rogerson:   +44 (0) 207 638 9571

 Kevin Smith               Weir@citigatedewerogerson.com (mailto:Weir@citigatedewerogerson.com)

 

About The Weir Group PLC

Founded in 1871, The Weir Group PLC is one of the world's leading engineering
businesses with a purpose to make its mining and infrastructure customers'
operations more sustainable and efficient. Weir's highly engineered technology
enables critical resources to be produced using less energy, water and waste
while reducing customers' total cost of ownership. The Group is ideally
positioned to benefit from structural trends that support long-term demand for
its technology including the need for more essential metals to support
economic development and carbon transition. The Group has c.12,000 employees
operating in over 60 countries with a presence in every major mining region of
the world. Find out more at www.global.weir.

 

Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN)
and its American Depositary Receipts trade over-the-counter in the USA
(ticker: WEGRY).

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