Retirement of Chief Executive Officer

RNS Number : 9693D

ConvaTec Group PLC

15 October 2018

 

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014

Retirement of Chief Executive Officer and appointment of Rick Anderson as Chief Executive Officer (Interim)

Reading, United Kingdom (15 October 2018) - Paul Moraviec, Chief Executive Officer of ConvaTec Group Plc ("ConvaTec" or "the Company") has informed the Board of the Company that he wishes to retire. He will cease to be a Director with immediate effect.

The Board has asked Rick Anderson, currently a Non-Executive Director of ConvaTec and a former Group Chairman of Johnson & Johnson, to assume the position of Interim Chief Executive with immediate effect, until a suitable candidate is appointed to replace Mr Moraviec.  Rick will be taking up his role on a full-time basis and will be based at the Group's headquarters in Reading, United Kingdom. Mr Moraviec will continue to be available to the Company to ensure an orderly transition. The search for a new CEO will commence immediately and will be led by the Chairman, Sir Christopher Gent and Steve Holliday, the Deputy Chairman.

Sir Christopher Gent, Chairman of ConvaTec, said:

"I would like to thank Paul for leading ConvaTec through an important phase of the Company's development and the first period of being a public company. Paul leaves with the Board's best wishes for his retirement. I am grateful to Rick for agreeing to take on executive responsibility as Interim Chief Executive Officer and I am sure the Company will be in very good hands until Paul's replacement has been appointed."

Paul Moraviec said:

"We have made significant progress during my time as Chief Executive Officer and I am confident that ConvaTec now has the strong platform, infrastructure and leadership to enable the business to flourish.  I would like to thank all my colleagues across ConvaTec for their hard work and dedication, they have taken ConvaTec to a leading position in the MedTech industry and I look forward to watching the Company's future success."

Rick Anderson will cease to be a member of the Audit and Risk Committee with immediate effect.

This announcement is made in accordance with LR 9.6.11R(1).

Enquiries

Media

Bobby Leach, VP Group Corporate Affairs, ConvaTec                                [phone]

James Bradley / Alastair Elwen, Finsbury                                                   [phone]

Analysts and Investors

John Crosse, VP Investor Relations, ConvaTec                                         [phone]

Kirsty Law, Director Investor Relations, ConvaTec                                     [phone]

[e-mail]

About Rick Anderson

Rick Anderson has 25 years of senior executive leadership experience in the medical device industry.  He is the Chairman and Managing Director of Revival Healthcare Capital, prior to which he served as a Managing Director at PTV Healthcare Capital. He was previously Group Chairman of Johnson & Johnson and Worldwide Franchise Chairman of Cordis Corporation. Mr. Anderson also served as President of Cordis Corporation and was previously Worldwide Franchise Vice President of Centocor, Inc., which merged with Johnson & Johnson in 1999. Before joining Johnson & Johnson, Mr. Anderson was Vice President of Global Marketing of Racal HealthCare, Inc. and, prior to that, he was spent 10 years with Boehringer Mannheim Pharmaceuticals and Allergan Pharmaceuticals in various US and global sales, sales management, and marketing management roles. Mr. Anderson currently sits on the board of PTV portfolio company Apollo Endosurgery and is the Chairman of the Board for Cardiva Medical. He holds a B.B.A. in Marketing from Mississippi State University.

About ConvaTec

ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. ConvaTec's products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.

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