Directorate Change

RNS Number : 3946S
Victrex PLC
07 November 2013
 



 

 

7 November 2013

Victrex plc - Directorate Change

Notification in accordance with Listing Rule 9.6.11R

Appointment of Louisa Burdett as Group Finance Director designate

Steve Barrow to stand down from the Board

Victrex plc today announces that Steve Barrow will stand down from the Board as Group Finance Director, effective 31 January 2014. After 19 years' service, Steve will leave the Group on 31 May 2014, following a handover period with his successor.

Victrex is pleased to announce that Louisa Burdett will succeed Steve as Group Finance Director. Louisa is an accomplished senior finance executive and was until recently Group Finance Director of Optos plc and has held senior finance roles with Financial Times Group and Amersham plc.

David Hummel, Chief Executive of Victrex, said: "I would like to thank Steve for his significant contribution to Victrex over 19 years. Steve has helped Victrex build a strong financial footing for the business, with a robust balance sheet, strong cash generation and an ability to invest and underpin our future growth.  I want to pass on my personal thanks to Steve and I know all of our colleagues at Victrex will be sorry to see him go, but will wish him well in his future career."

Steve Barrow, Group Finance Director of Victrex, said: "After 19 very enjoyable years at Victrex, I have reached a point where I am ready for a completely new challenge. I want to thank all of my colleagues, past and present, for their support over the years, and wish them every success in the future."

Louisa Burdett will join Victrex as Group Finance Director designate on 2 January 2014. She will then step up to the Board as Group Finance Director and Chairman of the Currency Committee on 31 January 2014, after Steve steps down from the Board on that date. Steve will support Louisa during a handover period and will then remain as an employee of Victrex until 31 May 2014.

Anita Frew, Chairman of Victrex, said: "I am delighted to welcome Louisa as Steve's successor. Louisa is a highly experienced Group Finance Director across a number of sectors, and brings experience of operating at a senior level in a public company. I look forward to working with her."

Chief Executive David Hummel and Group Finance Director Steve Barrow will present Victrex's preliminary results on Tuesday 10 December 2013. VPS Managing Director Tim Cooper and Invibio Managing Director Martin Court will also attend the results presentation.

 

 

 

Notes:

About Victrex:

Victrex is an innovative world leader in high performance polymers. Every day, millions of people rely on products or applications which contain our materials, from smartphones, aeroplanes and cars to oil & gas operations and medical devices. With over 30 years' experience, we are investing in technology leadership to deliver new solutions to our customers and our markets. Find out more at www.victrexplc.com

Biographies:

·     Louisa Burdett was Chief Financial Officer and an Executive Director at Optos plc from June 2012 to July 2013. Prior to Optos, Louisa was Chief Financial Officer at the Financial Times Group from 2008 to 2012. She has also held roles at Chep Europe, a division of Brambles Ltd, the Australian listed pallet distribution company, GE Healthcare (formerly Amersham plc) and GlaxoSmithKline plc. Louisa has also worked as an M&A Consultant at Charterhouse Bank and spent four years at KPMG in London. She has a first class degree in Biochemistry from Imperial College, London and is a member of the Institute of Chartered Accountants in England & Wales.

 

·     Steve Barrow has been Group Finance Director at Victrex plc since October 2011. Prior to this role, Steve was Finance Director for the VPS business unit. Steve joined Victrex from KPMG in 1995 to lead and develop the finance function for the Group. Steve has been a key member of the Executive Management team for many years, developing an in-depth knowledge of the business and playing an active role in strategy and organisational development. He is Chairman of the Currency Committee.

 

Remuneration:

 

·     Louisa Burdett will receive an annual salary of £300,000.  Consistent with the current incentive policy, annual bonus opportunity will be set at 100% of salary, dependent on her achieving a number of financial and personal performance targets, defined annually by the Board's Remuneration Committee and she will be granted a long-term incentive award for FY14 equal to one times her base salary. Annual long-term incentive awards up to one times her base salary may be granted in subsequent financial years. Louisa will also be required to accumulate a shareholding of not less than one times her salary satisfied by the retention of 50% of the net of tax vested awards in the Company.

 

·     Steve Barrow has a 12 month notice period which will commence from today. He will receive a payment, limited to base salary in lieu of any notice period not worked, at the point of leaving and will not be entitled to a bonus or long-term incentive in respect of the 2014 financial year.  Long-term incentive awards granted in 2009 and 2010, where the relevant performance periods have completed, will vest at the normal vesting dates but awards granted in 2011 and 2012 will lapse in full at cessation. Full details of remuneration payments to be made to Steve will be set out in the 2013 Annual Report & Accounts and in an announcement which will be issued at the point that he stands down from the Board. 

 

 

 

Enquiries:

 

Victrex plc:

Andrew Hanson, Head of Investor Relations              +44 (0) 1253 898121

David Hummel, Chief Executive                                 +44 (0) 1253 897700

Steve Barrow, Group Finance Director                      +44 (0) 1253 897700

 

 

MHP Communications:

Nick Denton / James White / Barnaby Fry                 +44 (0) 203 128 8100


This information is provided by RNS
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