Business
Board Succession Changes
Board Succession Changes.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n \nRNS Number : 7982E Spirax-Sarco Engineering PLC 14 February 2018 \n\n \n \nNews Release\n \n14th February 2018\n \nBoard Succession Changes\n \nSpirax-Sarco Engineering plc, the world leader in the control and efficient use of steam, electrical thermal energy solutions, and peristaltic pumping and associated fluid path technologies, announces the following Board changes in accordance with its ongoing succession planning. \n \nOur Chairman, Bill Whiteley, has indicated his intention to retire from the Board after the Annual General Meeting on 15th May 2018 (AGM). Bill has served as a Director for 16 years and as Chairman for the past nine years. \n \nIt is proposed that Jamie Pike, the current Senior Independent Director and who joined the Board in 2014, will take over as Chairman with effect from the close of the AGM. As a consequence of Jamie's appointment, it is also proposed that Clive Watson be appointed as the Senior Independent Director. Clive will continue as Chairman of the Audit Committee. All appointments are subject to the re-election of Directors at the AGM.\n \nIn accordance with the UK Governance Code 2016 (Code), Jamie Pike's proposed appointment follows a rigorous selection and interview process, which included independent advice from external consultants, Korn Ferry. Jamie will continue as Chairman of RPC Group plc and, as announced today by Ibstock plc, he will be stepping down as their Chairman and as a Director at the next Ibstock plc Annual General Meeting on 24th May 2018. This will bring his total FTSE Board Chairmanships to two and, therefore, the Board is satisfied that Jamie will have the time and capacity to fulfil his duties as Chairman of Spirax-Sarco Engineering plc. Two FTSE Chairmanships is also compliant with the 2017 proxy advisor voting guidelines including those issued by Institutional Shareholder Services and Glass Lewis. \n \nJamie Pike will, on appointment as Chairman, resign as a member of the Audit Committee and the Remuneration Committee in compliance with the Code. He will Chair the Board and the Nomination Committee.\n \nIn anticipation of these changes, good progress has been made in the recruitment of an additional Independent Non‑Executive Director, which will be...