Smiths Group PLC Appointment of CEO (7051Z)
May 25 2021 - 2:00AM
UK Regulatory
TIDMSMIN
RNS Number : 7051Z
Smiths Group PLC
25 May 2021
News Release
London , 25 May 2021
For immediate release
Appointment of Chief Executive Officer and Smiths Medical
process progressing
Smiths Group plc ("Smiths" or "the Group") announces that, after
an extensive search process by the Nomination Committee of the
Board, Paul Keel has been appointed as the Group's Chief Executive
Officer and to the Board. He will take on his new responsibilities
with immediate effect.
The Board also announces that Andy Reynolds Smith will step down
from his position as Chief Executive Officer and from the Board
with immediate effect. Andy will continue to be available up until
the end of the fiscal year to ensure a smooth handover. The change
has been mutually agreed as the right time to provide new
leadership as Smiths enters into its next growth phase.
Paul Keel previously worked at 3M Company ("3M") between 2004
and 2020, within the US and UK. During this period, he led a number
of global businesses including the $5 billion revenue Consumer
Business Group, as well as several enterprise-wide functions
including Strategy & Business Development, Marketing &
Sales, as well as Manufacturing & Supply Chain. Paul's other
experiences include senior roles at General Electric, McKinsey
& Company and General Mills. He is a graduate of Carleton
College and Harvard Business School. Paul will be relocating to the
UK.
The Board remains committed to the separation of Smiths Medical.
It is actively engaging with all options to maximise value for all
stakeholders and to provide the company with an enhanced platform
for future growth.
There is no change to the comments on current trading at Smiths'
interim results announcement in March and our expectations for the
full year remain unchanged.
Sir George Buckley, Chairman of Smiths Group , said: "On behalf
of the Board, I would like to thank Andy for his leadership and
contribution to the Group, its employees, customers and
stakeholders for almost six years. The Board wishes Andy well and
continued success in the future.
I am also delighted to welcome Paul to Smiths. He has a strong
track record of delivering results in other innovation-led and
diversified global industrial technology businesses. His
international experience positions him well to build on the
progress made during Andy's tenure and allows Smiths to deliver on
its significant potential as it enters its next growth phase."
Paul Keel, Chief Executive Officer of Smiths Group , said: "It
is a great honour to lead Smiths at this exciting time in its
170-year history. Smiths' global reach, deep engineering
capabilities and proven business model position it well for
continued success. I look forward to moving back to the UK, and I
am delighted to join Smiths' valued employees around the world in
shaping its very exciting future."
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 Paul Keel's appointment.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014.
The person responsible for arranging the release of this
announcement on behalf of Smiths Group is John Mills, Company
Secretary.
Andy Reynolds Smith's Remuneration Arrangements
Information relating to the payments to be made to Andy Reynolds
Smith in connection with him stepping down as Chief Executive
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.
Paul Keel's Remuneration Arrangements
Paul Keel will receive an annual salary of GBP875,000; a payment
in lieu of pension at a rate in line with the UK workforce; a bonus
opportunity of 180% of salary (with 1/3(rd) of any earned bonus
deferred into shares for three years); performance shares with an
annual grant value of up to 300% of salary, subject to performance
conditions measured over a three-year period with a further
two-year holding period. Paul Keel will also be entitled to
benefits in line with the Group's current policy and relocation
support for a three-year period.
Paul Keel's employment contract requires 6 months' notice of
termination by him and 12 months by the Company. The Company may
also terminate his 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 he finds alternative
employment during the notice period.
END
Investor enquiries Media enquiries
Jemma Spalton, Smiths Group Richard Mountain, FTI Alex Le May, FTI
+44 (0)7867 390 350 Consulting Consulting
jemma.spalton@smiths.com +44 (0)7909 684 466 +44 (0)7702 443
smiths@fticonsulting.com 312
smiths@fticonsulting.com
Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group
Smiths is a global technology company listed on the London Stock
Exchange (SMIN) and operates a sponsored level one ADR programme
(SMGZY). Its businesses share common characteristics
(well-positioned in growing markets, technology-led, asset-light,
digitising, with a high proportion of aftermarket revenues) and a
common operating model (The Smiths Excellence System). For more
information visit www.smiths.com .
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END
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