SIG PLC CEO Steve Francis to be succeeded by Gavin Slark (6858Y)
September 08 2022 - 2:01AM
UK Regulatory
TIDMSHI
RNS Number : 6858Y
SIG PLC
08 September 2022
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.
LEI: 213800VDC1BKJEZ8PV53 8 September 2022
SIG plc
(the "Company" or "SIG" )
SIG CEO Steve Francis to be succeeded by Gavin Slark
SIG announces that following its successful turnaround and
return to profitability, Steve Francis will step down as CEO early
next year, after three years in his role. The Board is pleased to
also announce that Gavin Slark has agreed to join the Company as
Steve's successor.
Steve will continue to provide committed leadership as SIG's CEO
until Gavin takes up his role on 1 February 2023. Steve will remain
employed by SIG until 8 March 2023 and he has agreed to remain
available as a consultant to the Company until 30 April 2023 to
complete an orderly handover to Gavin.
Gavin has a long track record of success in the pan-European
construction distribution industry, having been CEO of Grafton
Group plc for 11 years. Prior to Grafton, Gavin held a number of
roles with BSS plc including as CEO from 2006 to 2011. As
previously announced by Grafton, Gavin will step down from his role
as Grafton's CEO on 31 December 2022.
Commenting on the announcement, SIG's Chairman Andrew Allner
said "Steve joined SIG in February 2020 at a time of huge
uncertainty for the Company. It is to his tremendous credit that
Steve not only steadied the ship but went on to lead SIG out of
turnaround and delivered a return to growth. It has been a pleasure
to work with Steve, including in the decisions regarding the timing
of this leadership transition. The Board wishes to publicly
recognise Steve's significant contribution to SIG and to record its
thanks to him."
"Gavin's proven track-record of delivering shareholder value in
our industry made him the stand-out candidate to succeed Steve, and
the Board is delighted that he will be joining us as CEO early next
year. We look forward to working with him to continue SIG's growth
and development."
Steve Francis commented "I am proud that I will leave SIG as a
growing and successful business. It is in a far stronger financial
and operational position than it was when I joined early in 2020. I
would like to thank my colleagues across the business, from the
Boardroom to our branches and warehouses, for their dedication and
commitment during my tenure. I am very pleased that Gavin will be
my successor, he is an ideal person to carry forward the Company's
momentum and to build SIG for the future."
Gavin Slark said "Following the announcement that I would be
stepping down from Grafton, I had anticipated a period without an
executive role. However, SIG is a company I have followed for many
years, and therefore when the opportunity arose to become its CEO,
I was delighted to put my name forward. I was very pleased to see
the progress SIG has made under Steve's leadership and I look
forward to continuing this journey. I am hugely enthusiastic to be
taking up the role as SIG's CEO and am excited by the opportunities
for the business in the years to come."
Save as set out below, there are no other disclosures required
in respect of this appointment pursuant to Listing Rule 9.6.13 (1)
to (6).
SIG plc +44 (0) 114 285 6300
A ndrew Allner Cha irman
FTI Consulting +44 (0) 20 3727 1340
Richard Mountain
Peel Hunt LLP - Joint broker to SIG +44 (0) 20 7418 8900
Mike Bell / Charles Batten
Investec Bank plc - Joint broker to SIG +44 (0) 20 7597 5970
Bruce Garrow / David Anderson
The person responsible for arranging the release of this
announcement on behalf of the Company is Andrew Watkins, Group
General Counsel & Company Secretary.
Notes to editors
-- Gavin Slark has been Chief Executive Officer of Grafton Group
plc since 2011. In 2011, Grafton made underlying operating profits
of c.EUR57m on revenue slightly in excess of EUR2bn. In 2021, it
generated revenues of c.GBP2.11bn on which it made an adjusted
operating profit of c.GBP288m
-- Gavin Slark will join SIG on a base salary of GBP675,000 plus
an allowance in lieu of pension contribution of 5%. His base salary
has been set at this level to reflect his total remuneration at
Grafton. His annual bonus and RSP opportunity will be in line with
the Directors' Remuneration Policy
-- Details of outstanding remuneration payments due to Steve
Francis will be disclosed on SIG's website in accordance with
section 430(2B) of the Companies Act 2006. He will not receive any
payment for loss of office
-- Gavin Slark is currently a Non-Executive Director of
Galliford Try Holdings plc, a UK housebuilding and construction
group
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