Directorate Change

RNS Number : 0224E

SIG PLC

25 February 2020

 

LEI: 213800VDC1BKJEZ8PV53

25 February 2020

SIG PLC

Change of Leadership Team, Trading Update and Revised FY 2019 Results Date

SIG plc ("SIG", the "Company" or the "Group") announces that Meinie Oldersma has resigned from the role of Chief Executive Officer and as a director of the Company with immediate effect. The Company also announces that Nick Maddock has resigned from the role of Chief Financial Officer and as a director of the Company with immediate effect.

The Board has appointed Steve Francis as Chief Executive Officer on an initial contract until 31 December 2020 and as a director of the Company with immediate effect. Steve has had a wide-ranging CEO, CFO and management consulting career. He is a strong leader with a proven track record of returning radically restructured businesses back to growth.

The Board has also appointed Kath Kearney-Croft, Interim Chief Financial Officer, as a director of the Company with immediate effect. Kath joined the Company in January 2020 initially to provide support to the executive team during the leave of absence of Meinie Oldersma. Prior to joining SIG, Kath was Group Finance Director of The Vitec Group plc for two years and served at Rexam plc for nine years in a number of senior financial leadership roles including Group Finance Director prior to Rexam being acquired by Ball Corporation Inc.

Andrew Allner, non-executive Chairman, will continue to provide increased levels of support to the new executive team to ensure a smooth transition of responsibilities .

Trading Update

Results for the year ended 31 December 2019 are anticipated to be in line with the guidance provided on 9 January 2020 of underlying profit before tax for the year of c.£42 million ¹. Trading in the early period of 2020 has seen a continuation of the trends in the last quarter of 2019.

The Group is in a strong financial position following the completion of the sale of the Air Handling Division on 31 January 2020 and anticipates completion of the sale of the Building Solutions business in the first half of the year. These disposals complete the transition to a robust balance sheet with a net cash position on a pro forma basis. This will provide flexibility and scope for investment in the business where attractive returns can be made.

Revised FY 2019 Results Date

In light of the directorate changes announced today the Group will now announce its 2019 full year results in the second half of April 2020 (previously Friday 6 March).

Chairman Andrew Allner commented:

"The Board is most appreciative of Meinie and Nick's contribution to the transformation of SIG. They have led with great determination, energy and urgency in significantly reducing the cost base of the business, improving operating efficiency and completing the disposal of non-core businesses. They leave a much more focused business, a restructured balance sheet and a strong financial position, providing a sound platform for future growth.

"Now that this essential restructuring of the Group has largely been completed, the Board believes that it is time for a new leadership team, with skills in driving rapid operational performance improvements through strong customer relationships, excellence in customer service and creating highly engaged teams. Management's focus will be on developing the Group's purpose and vision, building on its leading market positions and returning the business back to profitable growth.

"Steve is a widely experienced CEO with a strong track record of returning businesses to growth and so the Board has appointed him to help deliver this goal and help build relationships with all stakeholders."

Contacts

SIG plc				[phone]
Andrew Allner, Chairman
FTI Consulting				[phone]
Richard Mountain
Peel Hunt LLP - Joint broker to SIG				[phone]
Charles Batten / Nicholas How
Jefferies International Limited - Joint broker to SIG			[phone]
Ed Matthews / Will Soutar

Notes

¹ Underlying profit before tax stated before IFRS 16 adjustments, including profit before tax for the Air Handling Division and the Building Solutions business and excluding impairment and other non-underlying profits and losses.

The following information is disclosed in accordance with Listing Rule 9.6.13. Steve Francis was a director of Patisserie Holdings PLC between November 2018 (at which time its shares had already been suspended following accounting irregularities prior to his appointment) and February 2019, during which period it entered administration on 22 January 2019.  Three separate disposals were then undertaken which involved the sale of assets held across a number of entities within the Patisserie Valerie Group on 14 February 2019.  Some of the subsidiaries (private limited companies) of Valerie Patisserie were not put into administration and Steve continues as a director of these companies which are dormant non trading entities. 

Kath Kearney-Croft was a director of The Vitec Group PLC between February 2017 and September 2019.

The Company confirms that there is no other information to be disclosed under Listing Rule 9.6.13 in respect of Steve Francis and Kath Kearney-Croft.

The information required to be published in accordance with section 430(2B) of the Companies Act 2006 will be made available on the Company's website in due course.

This announcement contains inside information. The person responsible for making this notification is Kulbinder Dosanjh, Company Secretary.

Steve Francis - Abridged Biography

2018 - 2019	CEO, Patisserie Holdings PLC
2016 - 2018	Group CEO, Tulip Ltd
2012 - 2015	Group CEO, Danwood Group Holdings Ltd
2008 - 2012	Group CFO/CRO then MD, Pork Division, Vion (former Grampian) Food Group Ltd
2005 - 2007	Group CFO/COO, British Vita plc/Vita Group Holdings Limited
2003 - 2005	Founder-Partner of MNS Partners LLC
1992 - 2001	McKinsey/Global Strategy Consulting Firms

 

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