Group Chief Executive Appointment

Bodycote PLC

18 October 2023

 

                                                                                 www.bodycote.com

18 October 2023

THIS ANNOUNCEMENT IS MADE PURSUANT TO PARAGRAPH 9.6.11R OF THE LISTING RULES AND CONTAINS INSIDE INFORMATION

Bodycote plc

Group Chief Executive Appointment

Bodycote plc ("the Company"), the world's leading provider of heat treatment and specialist thermal processing services, today announces the appointment of Jim Fairbairn as Group Chief Executive to succeed Stephen Harris on his retirement. Jim is expected to join the Company and the Board in March 2024 and become Group Chief Executive in May 2024 following an orderly transition. Stephen will step down from the Board and retire from the Company at the next Annual General Meeting on 31 May 2024.

Jim, 54, has considerable experience in managing engineering businesses, having worked with John Wood Group, PE-owned Clyde Bergemann, Howden Group and Megger Group in a career spanning over three decades, with substantial experience as a Divisional and then Group CEO.

Jim joins Bodycote from test & measurement specialist Megger Group in Dover, which he joined as Group CEO in 2017. Under his leadership, its revenues have materially grown to £325m, with operating margins expanding significantly. He also meaningfully evolved Megger's strategy and culture over this period. Prior to Megger, he held executive positions with Howden Group in Glasgow from 2009-2017, concluding his time there as President of the Howden Power, Environment and Process business with global product and service revenues of over $1 billion with 19 sites worldwide.

During his time in Glasgow, Jim chaired the Glasgow Employer Coalition, helping long-term unemployed into work, for which he was awarded an OBE in 2007. Jim has a degree in Mechanical Engineering from the University of Strathclyde, is a Chartered Engineer, a Fellow of the Royal Academy of Engineering and has an honorary Doctor of Science from City University.

Chair of Bodycote, Daniel Dayan, said:

"The Board is delighted to appoint Jim as Bodycote's next Group Chief Executive. His track record in leading and developing specialist global industrial businesses and teams is outstanding and will enable him to contribute rapidly. His understanding of many of our processes, many of our customers, and the nature of our highly varied markets will be of enormous value. I look forward to working with Jim to drive the continuing development and growth of Bodycote."

Group Chief Executive, Stephen Harris said:

"I am confident Jim has the right skills and experience to continue to drive the Company's strategy and performance over the coming years. In the meantime, I remain focused on the initiatives we have in place to develop and solidify Bodycote's leadership position in its chosen markets."

Jim is currently a member of the Dover Harbour Board and expects to have resigned from that position before starting with Bodycote.  There are no other details to disclose relating to Jim Fairbairn under paragraph 9.6.13R of the Listing Rules.

About Bodycote

With more than 165 accredited facilities in 22 countries, Bodycote is the world's largest provider of thermal processing services. Through Specialist Technologies and classical heat treatment, Bodycote improves the properties of metals and alloys, extending the life of vital components for a wide range of industries, including aerospace, defence, automotive, power generation, medical, oil & gas, construction, and transportation. Customers in all of these industries have entrusted their products to Bodycote's care for more than 50 years. For more information, visit www.bodycote.com.

Disclosure

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. The General Counsel of Bodycote is the person responsible for making this disclosure.

For further information, please contact:

Bodycote plc

Daniel Dayan, Chair

Tel: [phone]

FTI Consulting

Richard Mountain

Susanne Yule

Tel: [phone]

 

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