Smiths Group - Executive Leadership Appointments
14 April 2022
Smiths Group plc ("Smiths Group")
Executive Leadership Appointments
Smiths Group announces new Chief Financial Officer
and other executive leadership appointments
Chief Financial Officer
Smiths Group announces that Clare Scherrer has been appointed Chief Financial Officer with effect from 29 April 2022. She will also join the Smiths Group Board of Directors. Clare previously worked for Goldman Sachs where she spent more than 25 years and was a Partner for more than a decade, and was most recently Co-Head of the Global Industrials business. Clare has extensive experience working with a broad range of industrial companies around the globe, accelerating growth and increasing value. She has particularly relevant experience in the technology sectors in which Smiths Group has strong positions, including energy, safety & security and aerospace. Clare has been a close advisor to Smiths Group for the past seven years, including advising on the sale of Smiths Medical as well as development of the strategy announced at the November Capital Markets Event. Prior to Goldman Sachs, Clare was a consultant at McKinsey & Company. She holds a BA from Harvard University and an MBA from the Harvard Business School. Clare will continue to be based in London.
By mutual agreement, John Shipsey will step down as Chief Financial Officer and from the Board of Smiths Group with effect from 29 April 2022. However, he will remain with Smiths until the end of the FY22 fiscal year to ensure a smooth transition of Smiths' experienced and established finance team and continued strong performance by the Company.
President of John Crane
Smiths also announces the appointment of Bernard Cicut as President of John Crane, effective 18 April 2022, replacing Jean Vernet. Bernard joins John Crane from 3M where, over the course of over 30 years, he held a number of senior leadership roles across multiple industrial technology businesses leading significant change. Most recently, Bernard was President of 3M's $4.5B Personal Safety Division, leading rapid growth and a four-fold increase in global respirator supply critical to the world's fight against COVID-19. Other key roles for Bernard include Managing Director of 3M's operations in Central Europe, the Middle East and Africa; Managing Director of 3M Mexico; Managing Director of 3M France; and CFO of 3M-Sumitomo, a successful partnership between its namesake partners. Bernard has deep global experience in sales & marketing, operations, new product development, and lean six sigma, all of which are central to John Crane's commitment to helping customers achieve their growth and sustainability goals. Bernard will be based in London.
Chief People Officer
Vera Kirikova has been appointed as Chief People Officer, effective 18 April 2022, replacing Sheena Mackay. Most recently, Vera was the Chief People Officer for Rio Tinto from 2016-2021. Prior to Rio Tinto, Vera spent 22 years at Schlumberger where she held a number of global leadership roles in HR and Operations. Vera has deep experience leading talent development and cultural transformation in large global businesses. Her background is ideally suited to bolstering Smiths Group's accelerating growth. Vera will be based in London.
Group Head of Strategy
Smiths Group also announces that the Group Head of Strategy will become an Executive Committee role. Consequently, Diana Houghton, who has served in the role since 2019, worked for the Group since 2013, and has played a key role in developing the Group's growth strategy, will join the Executive Committee with immediate effect.
Paul Keel, CEO of Smiths Group, said:
"On behalf of the Board I would like to thank John, Jean and Sheena for their significant contributions to Smiths over the years and wish them continued success in the future.
At our Capital Markets Event in November, we laid out a plan to accelerate growth at Smiths and deliver on our significant potential. We're now seeing multiple examples of this such as the earlier than expected close of the Medical Sale, ramp-up in new product activity, and first half results which delivered 3.4% organic revenue growth. Today's announcement further builds on our momentum."
This announcement is made pursuant to LR 9.6.11 of the Listing Rules. Smiths Group confirms there is no further information to be disclosed under the requirements of LR 9.6.13 of the Listing Rules in relation to Clare Scherrer's appointment. Details regarding Clare Scherrer's remuneration arrangements are set out below.
Investor enquiries:
Jemma Spalton, Smiths Group
+44 (0) 7867 390350
jemma.spalton@smiths.com
Media enquiries:
Alex Le May, FTI Consulting
+44 (0) 7702 443312
smiths@fticonsulting.com
Smiths Group plc's LEI number is: 213800MJL6IPZS3ASA11
About Smiths Group
For over 170 years, Smiths Group has been pioneering progress by improving the world through smarter engineering. We serve millions of people every year, to help create a safer, more efficient and better-connected world, across four major global markets: Energy, General Industry, Security & Defence, and Aerospace. Listed on the London Stock Exchange, Smiths employs c.14,600 colleagues in over 50 countries. For more information visit www.smiths.com.
Remuneration Arrangements
Information relating to the payments to be made to John Shipsey in connection with him stepping down as Chief Financial Officer will be disclosed on Smiths Group's website and in the Company's Directors' Remuneration Reports in accordance with the Company's statutory obligations.
Clare Scherrer's Remuneration Arrangements
Clare Scherrer will receive an annual salary of 553,750; a payment in lieu of pension at a rate in line with the UK workforce, currently 12% of salary; a bonus opportunity of 165% of salary (with 1/3rd of any earned bonus deferred into shares for three years); LTIP awards with an annual grant value of up to 250% of salary, subject to performance conditions measured over a three-year period with a further two-year holding period. Clare will also be entitled to benefits in line with Smiths Group's current Directors' remuneration policy.
Clare's employment contract requires six months' notice of termination by her and 12 months by the Company. The Company may also terminate her employment by making a payment in lieu of notice (PILON) in respect of any unserved period of notice. The service contract contains specific provisions enabling a reduction in any phased PILON payments in the event that she finds alternative employment during the notice period.
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