Appointment of CEO

Tristel PLC

10 June 2024

 

Tristel plc

("Tristel" or the "Company")

Appointment of CEO

Tristel plc (AIM: TSTL), the manufacturer of infection prevention products, announces the appointment of Matthew ("Matt") Sassone as Chief Executive Officer ("CEO") and to the Tristel Board, with effect from 2 September 2024. Matt's appointment follows the conclusion of a competitive selection programme and he will replace Paul Swinney, the Company's founder and CEO of 30 years, who announced his plans to retire during 2023. Paul will remain with the Company for a suitable period to allow for a successful transition of leadership.

Matt joins Tristel from Masimo Corporation (NASDAQ: MASI), a global medical technology company, where he is Senior Vice-President Marketing. During his tenure at Masimo, Matt lived and worked in the USA, gaining invaluable experience in the American healthcare market. He has over 27 years' experience in the medical industry in various sales, marketing, business development and senior management roles. He joined the Board of AIM-listed cardiovascular monitoring company, LiDCO Group Plc ("LiDCO"), in June 2015, becoming CEO in August 2015. LiDCO was bought for £31m by Masimo in February 2021.

Matt started his career in sales for Quintiles in 1996. He spent 12 years at Smiths Medical in various sales, marketing and business development roles achieving the role of Managing Director, Northern and Eastern Europe and Russia in 2010 where he had full P&L responsibility for 300 employees and £150m of revenue. In 2012 he moved to ArjoHuntleigh, a division of the Getinge Group, as Senior Vice President Global Marketing and was Chief Marketing Officer of Maquet (turnover £1.1 billion in intensive care, surgery and anaesthesia systems), also a division of Getinge. Matt has a degree in biochemistry with microbiology, a diploma in management studies and a CIM diploma.

Matt Sassone, new CEO of Tristel plc

Matt Sassone, incoming CEO of Tristel, commented: "I am deeply honoured to join Tristel as its new Chief Executive Officer. Tristel has a well-earned reputation for innovation and excellence in infection prevention, and I look forward to leading this exceptional business. My focus will be on building on Paul Swinney's strong foundation, capturing global opportunities, and expanding our presence in key markets like North America. Together, we will continue to drive growth and deliver exceptional value to our customers and stakeholders."

Paul Swinney, Founder and out-going CEO of Tristel, commented: "I am excited to hand the reins of this marvellous company to Matt. We have become the global market leader in manual high-level disinfection of medical devices and now have a foothold in the world's largest healthcare market. Matt's first-hand experience of North America will propel us to great success there.

"In our time on AIM we have succeeded in increasing our share price by almost 12 times and have returned over 75 pence per share in dividends to our shareholders. I think we have created a great UK success story.

"I have had the great pleasure to work with an exceptionally talented and committed team at Tristel, who I am sure will provide their new CEO the same level of support and assistance that I have received. In the coming months I will leave Tristel in excellent shape, very well led, and as an enthusiastic shareholder of the Company.

Bruno Holthof, Chair of Tristel, commented: "We are very pleased Matt is joining as our new CEO. His understanding of the AIM market, the global medical device industry and the American healthcare market will enable the Company to continue its growth drive. He will be supported by a committed senior management team that has built Tristel over its 20 years as a public company. The Board is confident that fusing the energy of new leadership with the organisation's remarkable domain knowledge of the infection prevention market will secure Tristel's continuing success.

"On behalf of the Board, the wider team at Tristel, and all of the shareholders in Tristel over the years, I would like to thank Paul for his leadership and stewardship. Paul has built a world-class business based on our unique biocidal chemistry formulation; he has brought together an outstanding team with the energy and ambition to deliver further success; and he has delivered significant value to shareholders. Paul should be rightly proud of his legacy, having created a successful and globally-recognised infection prevention business that is making a significant difference to patients and health facilities around the world."

Additional Disclosures Required under the AIM Rules for Companies

Matthew Giovanni Sassone (aged 49) has held the following directorship or partnerships in the past five years:

Current directorships and partnerships:

·    LiDCO Limited

·    LiDCO Group Limited

·    LiDCO Netherlands, B.V.

·    Masimo LHC Limited

Previous directorships and partnerships held in the past five years:

·    Cassette Analytical Systems Limited (dissolved on 2 January 2024)

There is no further information to be disclosed in relation to the appointment pursuant to Rule 17 and Schedule Two, paragraph (g) of the AIM Rules.

For further information please contact:     

Tristel plc	Via Walbrook PR
Paul Swinney, Chief Executive Officer	www.investors.tristel.com
Liz Dixon, Chief Financial Officer
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Charlotte Edgar	Mob: [phone]
Cavendish Capital Markets Limited	Tel: [phone]
Geoff Nash/ Charlie Beeson (Corporate Finance)
Sunila de Silva (Corporate Broking)

 

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