REG - Zotefoams PLC - Group CEO succession

ZotefoamsAnnouncement

07/11/2023 07:15

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RNS Number : 5264S  Zotefoams PLC  07 November 2023

 

Zotefoams plc

('Zotefoams', the 'Company' or 'Group')

 

Group CEO succession

7 November 2023 - Zotefoams (LSE: ZTF), a world leader in cellular materials
technology, announces that David Stirling has informed the Board of his
intention to retire from his role as Group CEO and from the Board within the
next 12 months. David will continue in his post until a successor is appointed
and has committed to remaining available thereafter, to support and advise the
business in executing an effective transition in the leadership of the Group.
The Board has therefore commenced a formal succession process, supported by
global organisational consulting firm Korn Ferry.

 

A director of Zotefoams for more than 26 years, David was appointed as Group
CEO in May 2000. Under his leadership, the Group has been transformed into a
global leader in specialist foam technologies, with a diverse customer base,
product range and manufacturing operations in the UK, Europe, North America
and Asia.

 

The Group's new CEO will join a strong executive leadership team with
significant functional and market experience, gained from within and outside
the business. The Board remains confident that the business remains well
positioned to deliver long-term sustainable growth across an increasingly
broad spectrum of end markets and geographies.

 

Dr Lynn Drummond, Chair of the Company, said: "David has made an enormous
contribution to Zotefoams. The Board is committed to finding the right person
to succeed him and we appreciate David's support in enabling us to manage this
succession in the most effective way."

 

David Stirling, Group CEO, commented: "It has been a privilege and pleasure to
lead the development of Zotefoams, which is now a multi-site global business.
The time is now right for me to retire and for the business to plan my
succession. Zotefoams will continue to receive my support and I will remain
with the business to help with the transitional period as a new CEO is
appointed."

 

There is no further information which would require disclosure under LR9.6.13
of the Listing Rules of the Financial Conduct Authority.

 

Enquiries:

 

 Zotefoams plc                +44 (0) 208 664 1600
 David Stirling, Group CEO
 Gary McGrath, Group CFO

 IFC Advisory                 +44 (0) 203 934 6630
 Graham Herring

 Tim Metcalfe

 Zach Cohen

 

About Zotefoams plc

Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology
delivering optimal material solutions for the benefit of society. Utilising a
variety of unique manufacturing processes, including environmentally friendly
nitrogen expansion for lightweight AZOTE(®) polyolefin and ZOTEK(®)
high-performance foams, Zotefoams sells to diverse markets worldwide.
Zotefoams uses its own cellular materials to manufacture T-FIT(®) advanced
insulation for demanding industrial markets. Zotefoams also owns and licenses
patented microcellular foam technology to reduce plastic use in extrusion
applications and for ReZorce(®) mono-material recyclable barrier packaging.

 

Zotefoams is headquartered in Croydon, UK, with additional manufacturing sites
in Kentucky, USA, Brzeg, Poland (foam manufacture), Oklahoma, USA (foam
products manufacture and conversion), Massachusetts, USA, Stilling, Denmark
(microcellular foam technology) and Jiangsu Province, China (T-FIT).

www.zotefoams.com (http://www.zotefoams.com)

AZOTE(®), ZOTEK(®), ReZorce(®) and T-FIT(®) are registered trademarks of
Zotefoams plc.

 

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