News Release
29 May 2024
Board
Succession
Spirax Group plc announces the
following Board changes in accordance with its ongoing succession
planning.
As previously announced, Jamie Pike
will retire from the Board on 31 December 2024, having served as a
Non-Executive Director since 2014 and as Chair since
2018. The Board agreed with Jamie that
he would serve as Chair until no later than the end of 2024 in
order to ensure a successful handover of Group CEO responsibilities
from Nick Anderson to Nimesh Patel and to facilitate an appropriate
handover to the incoming Chair.
Tim Cobbold will join the Board as a
Non-Executive Director and Chair Designate with effect from 1
September 2024 and will take over as Chair of the Board and
Nomination Committee on 1 January 2025. Tim's appointment is
subject to election as a Director at the Company's AGM to be held
in May 2025.
In accordance with the Code, Tim's
proposed appointment follows a rigorous selection and interview
process, which included independent advice from external
consultants. Tim will continue as Chair of TI Fluid Systems
plc and, as announced today by Rotork plc (Rotork), he will be
stepping down as a Director of Rotork with effect from 31 December
2024.
Commenting on Jamie Pike's
retirement, Nimesh Patel, Group Chief Executive Officer,
said:
"We are grateful to Jamie for his
contribution over the last decade to establish our Group's strong
foundations, leaving us well positioned for the future. In
his role as Chair, Jamie's leadership has been vital in guiding the
business through significant change, earning him the respect of our
stakeholders, including our shareholders and our
colleagues. I would also like to thank
Jamie for his support as I took up the role of Group
CEO.
"We are delighted that Tim will be
joining our Board later this year. Tim's broad business
experience with global industrial companies, as well as his
experience as CEO of three FTSE listed businesses with a strong
track record of value creation through growth and operational
delivery, will benefit the further development of Spirax
Group. I look forward to working with him as we continue to
evolve our Group."
Commenting on his retirement and
Tim's proposed appointment, Jamie Pike, Chair, said:
"It has been a pleasure to serve
both the shareholders and the Company, as well as to see the Group
make significant progress. I leave Spirax Group well
positioned for the future, as a stronger, more balanced and more
sustainable Group of three leading and solutions-focused
Businesses. I am confident that Spirax Group will continue to
go from strength to strength under the leadership of the Board and
Group Executive Committee and with the support of colleagues
worldwide who all have my very best wishes for the
future."
Remuneration disclosures:
Tim Cobbold will receive a pro rata
standard Non-Executive fee of £70,000 for the period 1 September
2024 to 31 December 2024 and, as Chair from 1 January 2025, an
annual fee of £400,000.
There is no additional information
to be disclosed pursuant to LR 9.6.13 R.
Enquiries:
Spirax Group:
+44 (0) 1242 535 000
Mal Patel, Head of Investor
Relations
investors@spiraxgroup.com
Hazel Meldrum, Group Head of
Communications
communications@spiraxgroup.com
Teneo:
+44 (0) 20 7260 2700
Martin
Robinson
spiraxgroup@teneo.com
Notes to Editors:
Biography of Tim Cobbold
Tim was the Chief Executive Officer
of UBM plc, De La Rue plc and Chloride Group plc. He is currently
Chair of TI Fluid Systems plc. He will be the Senior Independent
Director and Chair of the Remuneration Committee at Rotork plc
until 31 December 2024. Tim is a Fellow of the ICAEW and holds a
BSc, Mechanical Engineering, from Imperial College,
London.
About Spirax Group
Spirax Group is positioned to play a
critical role in enabling the industrial transition to net zero,
aligned to our Purpose to create sustainable value for all our
stakeholders as we engineer a more efficient, safer and sustainable
world. We put solving customers' problems at the heart of our
'total solutions' approach. Our global thermal energy and fluid
technology solutions improve operating efficiency and safety in our
customers' critical industrial processes. Our decarbonisation
solutions use proprietary technologies to eliminate scope 1 and 2
greenhouse gas emissions* by electrifying boilers for the raising
of steam, as well as the electrification of other critical
industrial process heating applications.
Spirax Group comprises three strong
and aligned Businesses: Steam Thermal Solutions helps customers
control and manage steam within their mission critical industrial
applications, such as cleaning, sterilising, cooking and
heating. We are helping to put food safely on the world's
tables and keeping our hospitals running. Electric Thermal
Solutions has proprietary technologies that deliver electrification
solutions at scale in industrial settings, including for the
raising of steam, supporting our customers to achieve their net
zero goals. We also deliver freeze protection and defrost solutions
critical to aviation and space industries and ensure thermal
uniformity in Semiconductor chip manufacturing to power the
critical electronic systems we rely on. Watson‐Marlow Fluid
Technology Solutions is optimising the efficient use of resources
and supporting advancements in global health, such as lifesaving
vaccines and gene therapies.
Spirax Group is headquartered in
Cheltenham (UK). We have 37 strategically located manufacturing
plants around the world and are committed to creating a safe and
inclusive working culture for our 10,000 colleagues, operating in
66 countries and serving 110,000 customers globally. The
Company's shares have been listed on the London Stock Exchange
since 1959 (symbol: SPX) and we are a constituent of the FTSE 100
and the FTSE4Good Indexes.
*When connected to a green
electricity source.